Patrimonium Middle Market Debt Fund supports insolvency plan of Käthe Wohlfahrt KG with pro-rata financing
Baar, 30 April 2021: Patrimonium Middle Market Debt Fund (“PMMDF”), a private debt fund of Patrimonium Asset Management AG focused on middle market companies, has contributed to the financing of the insolvency plan of Käthe Wohlfahrt KG (“Käthe Wohlfahrt”) as part of its special situation strategy.
Käthe Wohlfahrt, founded in 1964 and based in Rothenburg ob der Tauber, is a world-renowned premium supplier of Christmas and Easter decorations, souvenirs and lifestyle articles. The traditional family business, which is responsible for the unique Christmas Museum and thus a significant part of Rothenburg’s tourist attractivity, had to file for insolvency in December last year due to the effects of the Corona pandemic. The lack of tourists and the closure of shops and Christmas markets had led to a drop in turnover of up to 80%.
By means of an insolvency plan, which was accepted by an overwhelming majority of creditors, the insolvency proceedings have now been lifted, thus laying the foundation for a prosperous future of the most important Christmas retailer. Käthe Wohlfahrt will remain 100% family-owned. The financing of the insolvency plan was proportionately mapped with debt financing from PMMDF.
Further information: Robert Koch, firstname.lastname@example.org