The discount store Mäc-Geiz has filed for insolvency proceedings at the Halle (Saale) District Court. However, according to a statement issued by the court on Tuesday, the company is allowed to continue managing its assets and making dispositions under the supervision of a provisional administrator.
The court ordered the provision of self-administration because the applicant’s plan was deemed “complete and coherent” and no circumstances were known to suggest it was based on incorrect facts. Furthermore, the provisional members of the creditor committee filed a written statement asserting that they were “fully informed and waive a hearing”.
Mäc-Geiz was originally founded in Halle (Saale) in 1994. The company has a history of financial instability, having previously filed for insolvency in 2010. Following that earlier bankruptcy, Mäc-Geiz successfully secured investment from various sources, including investors from Austria.