Quantron is pressing ahead with operations under insolvency proceedings with a core team of 40 employees remaining in place, as restructuring efforts and a search for investors aim to secure the company’s future by the end of 2024.
The start-up German zero emission truck converter Quantron AG will continue operating with a core team of approximately 40 employees despite ongoing insolvency proceedings. This was confirmed by the provisional insolvency administrator, Constantin Graf Salm-Hoogstraeten of restructuring law firm BBL.
A pre-financing arrangement for insolvency benefits has been secured through a bank, ensuring that the wages of the remaining employees are paid retroactively for October, as well as for November and December.
“Quantron has very committed employees who continue to stand by the company. From now on, they will actively support the Management Board and me in the upcoming restructuring,” said Graf Salm-Hoogstraeten. Additionally, he assured that goods ordered by the company, with his approval, will be paid for in full.
A structured sales process has been launched in coordination with the provisional creditors’ committee. Graf Salm-Hoogstraeten stated that while various restructuring scenarios are under consideration, a buyer for the business appears to be the most viable solution for creditors. To this end, M&A advisory firm Raab und Kollegen has been engaged to identify potential investors both in Germany and internationally. The goal is to finalise an asset deal by the end of the year.
Background and next steps
Founded in July 2019 as a spin-off from Haller GmbH & Co. KG, Quantron AG employed over 100 people and specialises in trucks, buses, and vans powered by battery-electric and hydrogen-electric technology. However, the causes behind its current financial difficulties remain unclear.
The Augsburg Local Court appointed Graf Salm-Hoogstraeten as provisional insolvency administrator on 29 October 2024. His team is analysing the company’s financial situation and will present an expert opinion to the court by the end of December.
Insolvency benefit pre-financing
The core team of employees has assigned their claims for three months of insolvency benefits to a pre-financing bank, enabling immediate payment of wages for October through December. Former employees who are not part of the current core team will also receive insolvency benefits, but payments are expected to begin in early 2025 after individual claims are processed.
Quantron remains operational while restructuring efforts progress, with stakeholders aiming for a resolution that ensures the company’s sustainability and benefits creditors.
