PLUTA restructuring expert Steffen Beck appointed provisional administrator for Amscan Europe

Amscan Europe GmbH has filed for insolvency. Yesterday, the Local Court of Esslingen then ordered provisional insolvency administration for the company’s assets and appointed Mr Steffen Beck from PLUTA Rechtsanwalts GmbH as provisional administrator.

“My team and I now intend to gain a comprehensive understanding of the company’s financial condition. Once we have an initial overview, we will take the next steps in the restructuring process.” The specialist attorney is already on the ground with the company and in discussion with management. He is being supported by attorney Mr Jonas Scheble, among others.

Business operations are being maintained. The employees’ salaries are guaranteed thanks to specific substitute benefits provided under German insolvency law.

Amscan Europe employs some 200 people in Germany and its most recent turnover was around 80 million euros. Its headquarters and other facilities, including a 300 m2 showroom showcasing numerous products, are located in Kirchheim unter Teck.

Amscan Europe is part of the Wonder Group, one of the world’s largest manufacturers and distributors of decorations, party products and related accessories. The Wonder family of companies consists of wholesalers, retail brands and manufacturers all over the world. The group has also filed for insolvency in the UK with a view to examining the possibility of restructuring. The German company had no other option but to file for insolvency itself due to this situation. The company was advised by Forvis Mazars in the filing process.