Taylor Wessing advises insolvency administrator on the sale of the Romanian sawmill ZG Timber Sebes to Kronospan

Taylor Wessing, under the lead of Munich partners Dr Hendrik Boss and Dr Philip Cavaillès, successfully advised insolvency administrator Volker Böhm (Schultze & Braun) on the sale of the Romanian sawmill ZG Timber Sebes S.R.L. to the Austrian Kronospan Group by way of a share deal. ZG Timber Sebes S.R.L., like the Swedish sawmills, is not one of the 27 Ziegler companies that had to file for insolvency in the wake of the Ziegler Group's insolvency.

ZG Timber Sebes S.R.L. employs around 500 people at its site in Sebes (western Romania). The new owner Kronospan has announced that it will maintain the site and continue to employ all of the approximately 500 workers. The sawmill produces high-quality sawn timber products and wood pellets from the chips and sawmill by-products. The capacity for pellet production is 225 thousand tons per year. The Ziegler Group had only acquired ZG Timber Sebes S.R.L. in the summer of 2023.

Kronospan is a leading manufacturer of wood-based panels and other high-quality wood products and has been present in Romania since 1998. The company has invested over 600 million euros in Romania and currently operates two production plants in Brasov (OSB boards) and Sebes (PB and MDF boards), a logistics center in the port of Constanta and several timber collection and recycling centers in Romania. Kronospan's “Romanian Made” products are used both domestically and exported to 75 countries worldwide, including Asia, the Middle East and America. With the acquisition of the Sebes sawmill, Kronospan is expanding its product range to include sawn timber.

Taylor Wessing supported the insolvency administrator in all legal matters relating to the transaction and successfully negotiated the contract negotiations to a conclusion.

Legal Advisors of insolvency administrator/Volker Böhm

Taylor Wessing Germany: Dr. Hendrik Boss (Partner, Restructuring & Insolvency), Dr. Philip Cavaillès (both lead partners, Corporate/M&A), Eric-Sebastian Velten, LL.M, Inken Brandt, LL.M. (beide Associate, Corporate/M&A, Munich), Lisa Iwersen (Senior Associate), Timo Pröbster, Constantin Borowiak (beide Associate, alle Restructuring & Insolvency, alle München), Clemens Niedner, Maike Schöber (beide Partner), Dr. Stephan Klein (Senior Associate) (alle Banking/Finance, Frankfurt a.M.), Dr. Marco Hartmann-Rüppel (Partner), Dr. Stefan Horn, LL.B. (Salary Partner), Lena Rindsfus (Associate, alle Hamburg, alle Competition, EU & Trade).