Germany’s insolvencies of the year 2019
Condor Flugdienst GmbH (subsidiary of Thomas Cook)
Industry: Airline
Turnover 2018: 3.7 billion euros
Employees: 4,900
Insolvency application: September 2019
Insolvency administrator: Prof. Dr. Lucas Flöther
The insolvency of British travel company Thomas Cook is one of the most spectacular corporate insolvencies of this year. The German company Condor – allegedly through no fault of its own – is also sliding into the pit due to the insolvency of its parent company. Arline is currently held in the air by a 380 million euro loan from the German government. In addition, protective shielding proceedings are being opened with the aim of finding new owners for the badly hit company.
Eisenmann SE
Industry: Automotive
Turnover 2017: 723 million euros
Employees: 3,000
Insolvency application: July 2019
Insolvency administrator: Attorney Joachim Exner
The Böblingen-based company Eisenmann produces painting systems for the automotive industry. The insolvency is not to be used for a shrinking cure, but for a “strategic re-orientation”, the company announces in July. Eisenmann does not disclose what leads to the company’s bankruptcy. Apparently, the company has miscalculated with major orders in 2018. Business has already shrunk significantly in the previous years. The plants and jobs in Germany are to be maintained and sold. Currently, a Chinese company is interested in the takeover.
Kettler Freizeit GmbH
Industry sector: Sporting goods, Garden furniture, Toys
Number of employees: 550
Insolvency application: October 2019
Insolvency administrator: Attorney Martin Lambrecht.
In October, Kettler has to file for insolvency for the third time in about four years. Last year, the fate of the Kettcar manufacturer is already hanging by a thread. However, the entry of financial investor Lafayette in December 2018 initially provides new hope, but does not bring about a turnaround. In the meantime, Kettler production has been discontinued, and the end of the traditional company has finally been sealed.
Loewe Technologies GmbH
Industry: Consumer electronics
Turnover 2018: approx. 100 million euros
Employees: 400
Insolvency application: May 2019
Insolvency administrator: Rüdiger Weiß
For the second time in six years, a self-administered insolvency is to save the last major television set manufacturer in Germany. But this has failed in the meantime and production is stopped in July. In mid-December it is announced that the Cypriot investor Skynet wants to take over the company’s brand name.
Natgas AG
Industry: Energy supply
Turnover 2018: 3.6 billion euros
Employees: 100
Insolvency application: September 2019
Insolvency administrator: Dr. Christoph Schulte-Kaubrügger
On 1 December the Natgas insolvency proceedings are opened. Failed talks about extensions of the credit line are cited as reasons for the bankruptcy. Business operations are currently continuing in full, and the employees “continue to act as contact persons for customers within the company,” according to a current press release issued by the company. However, the company’s operations are only secured until the end of the year, as talks with an investor have come to nothing.
(Image rights: istockphoto.com/zimmytws)