The automotive supplier dr cutter
from Kronach in Upper Franconia has filed for insolvency. With this step, the group of companies wants to restructure the company announced
. The management therefore has for the companies of the group in Germany filed for insolvency at the District Court of Coburg on Wednesday. Around 2000 employees are affected.
The foreign subsidiaries in the United States, China, Spain and Poland are not affected by the bankruptcy. In total, the group employs more than 4000 people worldwide. The company manufactures components for vehicle interiors such as panels or ventilation systems and, according to its own statements, generated sales of 451 million euros last year. Customers include car manufacturers such as Audi, bmw, Daimler, Ferrari, Jaguar Toyota and Volvo.
According to the announcement, the provisionally appointed insolvency administrator, lawyer Joachim Exner, said he saw “fundamentally good chances” for a restructuring. “Dr. Schneider is one of the market leaders for automotive interior products and has first-class customer relationships with almost all leading automobile manufacturers.” Production continues to the full extent, Exner emphasized. “All obligations to customers will continue to be met in full.”
In the past few days, reports from medium-sized companies have increased insolvency have applied for and are now looking for a chance of rehabilitation through the procedure. While the well-known Shoe retailer Görtz justified his bankruptcy application with the reluctance of customers to buy and a significant drop in sales Toilet paper producer Hakle above all, the rapidly increasing material, energy and transport costs are responsible for the desolate situation. Business associations from industry and trade warned of the impending high energy costs on Wednesday “wave of bankruptcies”.
Auto supplier speaks of “liquidity crisis”
The high energy costs at the automotive supplier Dr. Schneider not to be the most pressing problem. The company had last year according to their own statements
received a “significantly negative result” and in February of this year
“Personnel adjustments” announced. In the Message
The automotive supplier emphasized on Thursday: “Like many companies in the industry, the Schneider Group is struggling with the effects of the corona pandemic on the automotive industry. In addition, there is the currently highly volatile market environment. This has led to the company falling into a liquidity crisis despite intensive cost-cutting measures advised.”
An investor solution or a kind of settlement with the creditors is now conceivable, the company continues. The wages and salaries of the employees are initially secured for three months via the insolvency money from the Federal Employment Agency.