ERJ staff report (DS)
Hildesheim, Germany - Operations at Gummiwerke KH BÃ¤dje GmbH & Co. KG have been secured until at least the end of 2012, according to a statement issued by the administrators.
Privately-held automotive sealing profile manufacturer Meteor has been operating under insolvency proceedings since January 2012. Christopher Seagon an insolvency professional with Wellensiek RechtsanwÃ¤lte has been acting as the provisional liquidator. That role was made official by a court earlier this week.
Seagon issued a statement earlier today saying that complex negotiations between customers, banks and suppliers has resulted in an agreement to secure continued business operations until close to the end of 2012.
In that time, Seagon hopes to work out a sustainable remediation plan.
Seagon said an investor has agreed a purchase agreement in 2011, but that purchaser (the Indian company Ruia Group) had not paid the purchase price. That process had led to bankruptcy.
He said there have been a number of discussions with potential purchasers since the company announced its insolvency in January, and orders continue to flow into the company. This welcome sign makes Seagon confident of a positive outcome to the procedures.
He said the aim now is to make Meteor into a more efficient, lower-cost operation.
In 2011, Meteor generated an annual turnover of about EUR 221 million with approximately 2,300 employees worldwide. In Germany, the
Bockenem headquarters employs approximately 1,700 employees and a further 240 employees at the site in Worbis / Thuringia.
Seagon helped Stankiewicz GmbH through its bankruptcy and has worked on other high-profile cases.
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Press release from Meteor Administrators (German language)
Above release auto-translated (from Chinese language)