Insolvency of Kögel Fahrzeugwerke GmbH

Due to the drastic market turbulences in the logistics and trailer industries the vehicle producer Kögel Fahrzeugwerke GmbH, Burtenbach (Germany), had to apply for insolvency. Like the whole industry the enterprise struggled with a more than 90 per cent-decline in demand since the outbreak of the crisis last September. However, the affiliate in France, Jean Chereau SAS, is not affected by the insolvency.

“Comprehensive restructuring measures and several capital injections from the associates temporarily stabilised the enterprise last year. The restrictive trends in the financial market lead to a liquidity shortage that could no longer be compensated. Additional difficulties were limitations of credit insurances, which, besides the effects on suppliers, also caused a reduction of the factoring volume – a practice that was unknown to this extent before this crisis“, as the company announced in a press release.

In 2008 Kögel was named “Turnaround Company of the Year“ and recently elected best trailer brand. By mid-2008 the enterprise was producing almost 24,000 trailers per year, and generated a turnover of around EUR 540 million in the twelve months between July 2007 and June 2008. Under the given market conditions– in spite of constant market shares – a sales volume of no more than 1,500 – 2,000 units and a turnover of just above EUR 50 million can be expected this year. 

The insolvency affects a total of about 1,150 employees, of which 830 are in Germany. The associates want to further support Kögel and are developing a solution to continue business against the background of insolvency proceedings. The Kögel enterprise is to be continued, according to this fact. Arndt Geiwitz, an accountant from Neu-Ulm, was appointed provisional liquidator.

Quelle: Österreichische Verkehrszeitung