ADELHEIDSDORF, Germany (Jan. 12, 2008)-Stankiewicz GmbH, a major supplier of automotive sound-deadening systems, is under the administration of provisional insolvency expert Christopher Seagon following the company's inability to pay bills.
The firm was placed under this arrangement by the district court in Celle, Germany.
This move follows an earlier deal Stankiewicz made in December with its banks, creditors and customers, which allowed the company to pay its work force of more than 2,100 worldwide.
Seagon, an attorney with legal company Wellensiek, is an experienced redevelopment expert with a focus on automotive suppliers.
Stankiewicz requested the insolvency arrangement when no further agreement could be reached on a suitable redevelopment plan in the time available, the company said.
Seagon said after a first analysis of the economic situation of Stankiewicz, he believes the company can continue to supply customers. The most pressing concern is to find the money to pay its employees, he added.
Stankiewicz said it planned to restart production after the Christmas break today.