By Liz White, editor
Adelheidsdorf, Germany -- Stankiewicz GmbH, a major supplier of automotive sound-deadening systems, has been placed under the administration of provisional insolvency expert Christopher Seagon by the district court in Celle, Germany, following the company's inability to pay bills.
This move follows an earlier deal Stankiewicz made in December with its banks, creditors and customers, which allowed the company's workforce of more than 2100 worldwide to be paid.
Seagon, an attorney with legal company Wellensiek, is an experienced redevelopment expert with a focus on automotive suppliers.
Adelheidsdorf-based Stankiewicz requested the insolvency arrangement when no further agreement could be reached on a suitable redevelopment plan in the time the available, said a 30 Dec statement from the supplier.
"After a first analysis of the economic situation of the enterprise, I assume Stankiewicz can continue to supply customers due to a solid situation concerning future orders," said Seagon, in the statement.
The most pressing concern is to find the money to pay its 1300 employees, he added.
Stankiewicz now plans to restart production after the Christmas break on 12 Jan 2009. Seagon said the goal is to provide security of supply for its customers. "The faster the business is stabilised, the more solid will be the basis to continue the enterprise and restructure," to meet the insolvency order, he added.
Seagon, with Gerhard Ruf and Ulrich Carpenter, Stankiewicz's managers, is negotiating with all involved parties to stabilise the business. "We have already held preliminary discussions with customers, suppliers, creditors, the work council and the coworkers, who have a large common interest in the continuance of the enterprise," he said.
Stankiewicz, owned by the Gimotive group, had sales in 2007 of about Euro 272 million ($370.4 million). It has 1300 workers in Germany, in Adelheidsdorf/Celle, Bad Friedrichshall, Hamburg, Hameln, Friedrichroda and Straubing. Other European operations are in the Czech Republic, France, Poland, and Belgium, while the business also has two plants in the US.
The company -- which supplies acoustic solutions to OEMs such as BMW AG, Daimler AG, Chrysler llc, General Motors Corp., Volkswagen AG, MAN Group, and Renault Group -- said that despite the current crisis in the automotive industry, its good future orders for acoustic solutions offers some cause for optimism.
PIC: Stankiewicz's headquarters at Adelheidsdorf.