The Chinese car supplier Lingyun wants to remain owner of the car free of charge Kiekert. A temporary bankruptcy proceedings were ordered for Kiekert last week.
“Lingyun intends to capture Kiekert AG and Kiekert Holding GmbH, to avoid the reasons for insolvency and that all insolvency believers are satisfied,” said the Chinese company. Lingyun was “completely” surprised by the bankruptcy applications. It was only learned from the media.
The district court of Wuppertal had ordered a temporary bankruptcy proceedings a week ago. The bankruptcy is the consequence of “that the Chinese shareholder did not provide any further funds and did not meet his financial obligations in the three -digit million range,” said the provisional insolvency administrator Joachim Exner (60). “The shareholder affected by sanctions denies us access to important markets and financing, which significantly endangered our business,” Kiekert CEO Jérôme Dreu (50) had explained.
The aim of management is to exit the Chinese partner. This is crucial to accelerate growth and continue the 168-year history of Kiekert as a systemic supplier of the automotive industry.
Lingyun: Always have been proud of Kiekert
Lingyun now explained: “Kiekert remains a traditional German company that we have always been proud of.” The aim is to avert damage from the creditors, to provide liquidity, to eliminate the reasons for bankruptcy and to secure the long -term future of Kiekert. Lingyun had clarified his intentions, among other things, to the court, the provisional insolvency administrator and central creditors.
Exner had explained last week that operational business continues to run regularly at all locations. The wages and salaries of the 700 employees in Germany are therefore secured through the bankruptcy money up to and including November. According to Exner, the foreign subsidiaries of Kiekert AG in Europe, Asia and North America are not affected by the procedure.
According to the insolvency administrator, Kiekert is the world market leader for vehicle closing systems. According to Exner, the group of companies employs a total of 4,500 people. Kiekert is considered the inventor of modern central locking. The Lingyun company was taken over in 2012.