Overview

• Kiekert entered preliminary insolvency last week in Wuppertal, with Joachim Exner appointed as provisional administrator.
• Exner attributes the filing to the Chinese shareholder’s failure to provide pledged funds in the three-digit million range.
• Lingyun says it intends to remain Kiekert’s owner, provide liquidity to remove the causes of insolvency, and satisfy creditors.
• The company’s owner says it was completely surprised by the filings and learned of them from media reports.
• Kiekert’s operations continue, German wages for roughly 700 employees are secured via insolvency pay through November, and foreign subsidiaries are reported as unaffected.