The discount store Mäc-Geiz filed for insolvency at the District Court in Halle (Saale). However, the court announced on Tuesday that the company will be permitted to continue managing and disposing of its assets, provided they operate under the supervision of a provisional trustee.
The court mandated the provisional self-administration, stating that the plan submitted by the applicant was “complete and coherent” and that there was no evidence suggesting it was based on inaccurate facts. Furthermore, the members of the provisional creditors’ committee wrote to the court, confirming that they were fully informed and wished to waive a formal hearing.
Mäc-Geiz was originally founded in Halle (Saale) in 1994. The company has a history of financial difficulties, having filed for insolvency once before in 2010. Since that time, the business had successfully attracted investors, including those from Austria.
