With the lighting solutions for climbing or sports halls, but also for factories and warehouses, Deutsche Lichtmiete AG wanted to generate returns for its investors. Now the company is insolvent.
(Photo: dpa)
Berlin The Oldenburg District Court opened insolvency proceedings at Deutsche Lichtmiete AG on Wednesday and ordered the provisional administration of the assets. As the preliminary insolvency administrator, the court appointed the Hamburg lawyer Rüdiger Weiß from the Wallner Weiß law firm, as stated in a statement from the court, which was initially reported on the blog dieevaluation.de.
Rüdiger Weiß confirmed the decision to the Handelsblatt, but it was too early to make any substantive statements about the procedure. “I can’t say anything yet, I’ll get the court file now, and then I’ll look at it on site, then I’ll talk to the committee of creditors,” said Weiss. He will have to pay particular attention to the routes that investor funds have taken.
Lighting rental has taken in around 200 million euros through bonds and direct investments. An estimated 5000 investors are now hoping that White will find out what has become of their money or secure as much of it as possible.
The Lichtmiete AG case could quickly develop into criminal bankruptcy. The public prosecutor’s office in Oldenburg searched the business premises of the group of companies at the beginning of December. She is investigating four people on suspicion of joint fraud. Light rent is said to have collected capital, although the investor model was “unsustainable and unsuitable” to generate the demands of investors.
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At the same time as the raid, prosecutors apparently blocked the group’s accounts. Alexander Hahn, the board member of Lichtmiete AG, wrote this in an employee email on December 31st, justifying his bankruptcy petition. “We are therefore unfortunately unable to act and also insolvent.” Hahn announced that he would have to resign as a member of the board. The mail is available to the Handelsblatt.
“Light as a Service” business model
The Deutsche Lichtmiete group of companies offers rental lighting solutions. The business concept “Light as a Service” is aimed at aircraft hangars, large factory rooms, but also sports and climbing halls, according to the website. The group has implemented more than 700 modernization projects. Hahn founded the company in 2008, most recently employing around 120 people.
The group of companies financed itself from two sources: direct investment in the assets and exchange-traded bonds. In the case of direct investments, investors bought lighting systems, which the company then leased back in order to sublet them to commercial customers. After the lease expired, Lichtmiete bought the products back from the investors. The goal was annual returns of more than five percent.
The district court of Oldenburg has appointed Rüdiger Weiß as preliminary insolvency administrator.
(Photo: benefizminute)
This goal may have been missed. There is an initial suspicion that the accused might have realized during the direct investment programs that not enough money was being raised for the investors, said the Oldenburg public prosecutor in December. “Nonetheless, between 2018 and 2021 they are said to have raised additional capital from investors by placing bearer bonds (corporate bonds) totaling over 100 million euros.”
Hahn explained: “In the interests of our employees, investors and other parties involved, we will actively contribute to clearing up the allegations as quickly as possible.”
Last week, however, he announced his horror to the staff at the reports on the basis of which the public prosecutor’s office was working. He was shocked that the reports were “so flawed and poorly crafted that I cannot understand that the company was actually eliminated on this basis”. Hahn wrote that he wanted to fight. “You can also withdraw an application for bankruptcy.”
First, however, it is Rüdiger Weiß’s turn, he will report to the court and creditors how the finances of the light rental are and how the bankruptcy came about. Weiß last worked as an insolvency administrator at the television set manufacturer Loewe from Kronach in 2019, where he was able to sell parts of the company’s electronics production. The year before, he arranged for US investor JD Norman to take over the ailing Thuringian automotive supplier Rege Motorenteile.
More: “Incapable of acting and also insolvent”: Deutsche Lichtmiete files for bankruptcy