Kögel Files For Bankruptcy
Aug 6, 2009 2:08 PM
Kögel Fahrzeugwerke GmbH of Burtenbach, Germany, announced that the company is insolvent and has declared bankruptcy.
The company, Germany’s third-largest trailer manufacturer, cited drastic market conditions in the logistics industry and truck trailer manufacturing as reason for the filing.
About 1150 employees are affected, some 850 of them in Germany. A sister company in France, Jean Chereau SAS, is not affected by the bankruptcy proceedings. CPA Arndt Geiwitz of Neu-Ulm, Germany, is the temporary bankruptcy manager.
Kögel, formerly a family-owned company headquartered in Ulm, first became insolvent in 2004 and was taken over by a Munich financial investor. In the economic crisis in the summer of 2008, more capital infusion and restructuring efforts brought only temporary stabilization. Orders for Kögel trailers are down 90%.
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