Due to new legal and regulatory requitements to Celsius42+ GmbH and its medical products in the beginning of 2016, it was necessary to re-establish and re-structure the company.
The management presented a restructuring plan and a detailed implementation plan to the shareholders of Celsius42+ GmbH. With one exception, all shareholders were in agreement with the restructuring plan and agreed to it as well as the associated charges for each of them deriving therefrom.
Only one shareholder, who was formerly the company’s CEO, didn’t agree. Despite the fact that a continuation of the company was not possible without the necessary realignment, this shareholder also did not present an alternative plan of action.
For this reason, the managing directors at that time were legally obliged to submit an application insolvency in order to avoid further damage to customers and business partners.
One of the former shareholders of Celsius42+ GmbH, Mr. Paul Willi Coenen, who is convinced by the method of hyperthermia and who wanted to allow the existing customers of the Celsius42+ GmbH to continue the operation of the devices, decided to bear the burden of the necessary adjustment and the sales of hyperthermia devices in a newly founded company Celsius42 GmbH.