Overview

• Amtsgericht Wuppertal ordered preliminary insolvency proceedings on September 23 and named attorney Joachim Exner as the provisional administrator.
• Operations continue at all sites, with wages for roughly 700 Germany-based employees covered by insolvency pay through November.
• Foreign subsidiaries in Europe, Asia and North America are reported as unaffected and continue to operate without restrictions.
• Kiekert leadership reports that the Chinese shareholder failed to provide committed funds and that sanctions exposure led to canceled U.S. orders, rating downgrades and blocked credit.
• Management aims to restructure the company and pursue a shareholder exit, as union IG Metall and the works council pledge to work with the administrator to safeguard jobs.