As of: February 5, 2024, 6:00 p.m
By: Markus Hofstetter
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The supplier SD Automotive is bankrupt due to declining orders from car manufacturers.
Business operations will initially continue without restrictions.
Osnabrück - Not only German car manufacturers are going through difficult times, the supplier industry is also affected.
Large companies such as Bosch or ZF Friedrichshafen are reacting by reducing their workforce.
Some smaller companies, however, have already had to file for bankruptcy.
These include Allgaier, Dr.
Schneider and Kamei.
Auto supplier SD Automotive is insolvent: business operations continue without restrictions
Now another automotive supplier has been hit.
SD Automotive, a specialist in tool, prototype, concept and body construction from Georgsmarienhütte, has filed for insolvency at the Osnabrück district court.
Stefan Meyer from the Ulm law firm Pluta Rechtsanwalts GmbH was appointed as insolvency administrator.
This is the second insolvency since 2019. At that time, the company was able to continue after the investment company NBank Capital joined SD Automotive.
SD Automotive is insolvent for the second time © SD Automotive
Business operations are currently continuing without restriction.
The wages and salaries of the 174 employees are secured by insolvency money from February to April.
“We will be holding discussions with everyone involved in the coming days in order to stabilize business operations and to be able to take advantage of and use all existing restructuring options,” Automobilwoche quoted
insolvency
administrator Meyer as saying.
He is confident that good solutions can be found together with a motivated workforce and cooperative management.
The aim is to look for investors as quickly as possible.
Auto supplier SD Automotive is insolvent: the cause is high sales losses due to customer decisions
Meyer cites the reason for the current situation as “among other things, high sales losses that can be attributed to customer decisions.” Series orders have been terminated, calls have been reduced and new projects have been postponed.
“These loss of sales amounting to several million euros inevitably led to liquidity difficulties that could not be compensated for in the short term outside of legal proceedings.”