Struggling Financial Situation Leads to Bankruptcy Filing for SGF due to Excessive Debt
In a recent development, the South German Joint Bushing Factory GmbH & Co. KG (SGF) has filed for a self-administration procedure at the local court of Mühldorf am Inn. The move comes as the company grapples with financial distress due to the generally difficult situation in the automotive industry.
Based in Waldkraiburg, SGF operates from three locations in Germany, with additional international subsidiaries in the Czech Republic, the USA, Japan, China, and Thailand. The company is known for its capability to develop and produce innovative products for customers.
The management, supported by the Frankfurt restructuring experts Jan Markus Plathner, Christoph Enkler, and Sebastian Netzel from Brinkmann & Partner, made the decision to file for self-administration. They are seeking an investor who recognizes the potential and invests strategically in the group.
A team led by Hendrik Boss from Taylor Wessing is providing legal advice to SGF during this process. The restructuring process will continue under the supervision of an interim trustee, Michael Verken of Anchor Rechtsanwälte, who was appointed by the local court of Mühldorf.
The problem for SGF is not on the operational level, but rather the high level of debt and the resulting capital service capability. The company has initiated further measures to address the growing challenges of the crisis, aiming to restructure through the self-administration procedure.
Despite the difficulties, SGF remains optimistic. Employees were informed about the procedure the day after it was filed, with wages and salaries secured through insolvency advance funding. The investor process has already begun during the interim procedure, but specific information about a potential investor currently being sought for SGF's Strategic Innovation Fund projects was not available.
SGF currently employs around 500 people and has a turnover of approximately 110 million euros. The company's headquarters and two German locations are in Waldkraiburg, Kraiburg am Inn, and Hamm (Westphalia).
As the restructuring process unfolds, SGF remains committed to its mission of innovation and growth. The company continues to work towards finding a strategic investor who can help navigate the challenges of the current automotive industry and secure a bright future for SGF.
Read also:
- visionary women of WearCheck spearheading technological advancements and catalyzing transformations
- A continuous command instructing an entity to halts all actions, repeated numerous times.
- Oxidative Stress in Sperm Abnormalities: Impact of Reactive Oxygen Species (ROS) on Sperm Harm
- Genetically manipulated rabbits sprout ominous black horns on their heads
