In Gunzenhausen, approximately 550 employees are affected by the impending bankruptcy.
An insolvency administrator has not yet been appointed, because the auto supplier is striving to restructure under its own management. Self-administration is a special form of reorganization procedure in which the management remains in office and can advance the reorganization of the company itself. Dr. monitors for the creditors Stefan Debus from the law firm Müller-Heydenreich Bierbach & Kollegen the restoration process. He was appointed provisional administrator by the Ansbach district court.
Business operations continue as usual
So far, business operations in the entire Pressmetall group have continued without restrictions. All orders are to be carried out with the usual high quality, and new orders can also be accepted. As PMG managing director Lars Szymanski emphasized, employees, customers and suppliers signaled willingness to work with the management and their consultants in order to maintain the company in the long term. The Pressmetall Group is a leading manufacturer of aluminum die cast components in Germany with a history spanning more than 50 years. In the wake of the financial crisis, the company had financial difficulties in 2009. Back then, the bankruptcy was averted not least thanks to the willingness of the workforce to accept financial cuts.
The cause of the renewed economic imbalance is a decline in orders.
"Since the group has been undergoing a far-reaching restructuring process for two years, these declines have hit us hard and put a heavy strain on our liquidity," emphasized Szymanski.
At the same time, this market development encourages the company in the view that the path taken to restructure must be ended. The self-administered restructuring process is the right framework for this.