Banks show loyality with Kögel Fahrzeugwerke
| Green light for unrestricted business continuation of Kögel The financing of the unrestricted business continuation during the insolvency application process is secured for the vehicle company Kögel Fahrzeugwerke GmbH. This was shortly announced at a press conference in Neu-Ulm by Arndt Geiwitz, temporary liquidator of the trailer manufacturer in Burtenbach. Negotiations with the banks have been thoroughly positive and lead to relevant commitments. “Today Kögel is a strong brand, an innovative enterprise with good products“, Mr. Geiwitz emphasised. According to an independent report the enterprise is worth and capable of being reconstructed. This convinced banks to agree upon business continuation, as it was announced in a press release. Foreign production companies in the Czech Republic and Poland, which are so far not affected by the insolvency, shall be continued as well. At the begining of August Kögel applied for insolvency, after the total market for truck trailers declined by 90 oer cent during the past 12 months. Liquidator Arndt Geiwitz sees opportunities to maintain Kögel as a competitive market participant and even to strengthen the company. In his point of view “the insolvency offers the option to adjust the enterprise and its structures to market conditions, which is now easier than without the insolvency“. Quelle: Österreichische Verkehrszeitung |