A restart has been achieved for AEM, which was declared bankrupt in July. Bankruptcy was filed by the company itself on July 11. The Maasbree-based company develops and produces climate computers and installations for mushroom cultivation, composting, and horticulture. Four parties showed interest in a relaunch, according to the recent publication of the first bankruptcy report.
AEM was part of a group of companies. Elektro Limburg Beheer is the sole shareholder of this. The director of all companies is realizing a relaunch under the name 'Newco' in which 13 of the 16 people will be offered new employment contracts.
The restart, in which the intellectual property of AEM's self-made operating systems will be transferred to the buyer, involves an amount of almost 150 thousand euros. After the bankruptcy, people from AEM remained on standby for acute breakdowns. There were none.
Covid pandemic
As the reason for the bankruptcy, the Maasbree-based company points to the COVID-19 pandemic, during which travel restrictions had a "major impact." During the pandemic, it was decided to start paying off the tax authorities, for which a lot of cash was used. In the process, debtor payments fell behind, and expected projects were delayed, resulting in a cash shortage.
Trustee mr R.J.C. Geelen from Venlo also mentions in the report an ongoing legal dispute with an Australian mushroom grower who wants higher compensation than would have been paid by the Maasbree company. The trustee has asked the party from Australia to file a claim.
Following additional financing in April 2023, it became clear that AEM's liquidity shortfall could not be bridged until the start of new projects, necessitating the bankruptcy petition.
Outstanding work
In handling the bankruptcy, the trustee looked at work that was still on the books. Among others, two mushroom cultivation cells under construction in Spain were nearing completion. Negotiations with the buyer from Spain were conducted by the trustee. With a, according to the curator, "relatively modest investment, both nurseries could be finished."
Could be, because it did not happen. The curator demanded an upfront payment. The Spanish buyer did not want that. As a result, negotiations ceased, and the project with the two so-called Fungi Boxes was transferred to the group of companies that included AEM.
There was a lot of collaboration in the group. Together with the holiday period, which meant people were absent, this made it difficult for the receiver to take stock of outstanding work and assets. In the end, the trustee succeeded, as evidenced by the determination of a purchase price for the restart. Negotiations are still ongoing concerning taking over outstanding work.
A total of 15 unsecured creditors have come forward to the receiver with an amount totaling almost a quarter of a million euros. The tax authorities are still asking for 879 thousand euros.
On July 11, bankruptcy was declared on AEM B.V. by the Limburg District Court. The bankruptcy was registered under reference: 03.lim.23.110.F.1300.1.23. R.J.C. Geelen of Venlo has been appointed trustee.