Overview
- The Hamburg local court opened preliminary proceedings and appointed lawyer Christoph Morgen as provisional insolvency administrator.
- Business continues at more than 100 own stations and roughly 500 partner locations, with customers still able to rent vehicles.
- Insolvency-advance financing has been initiated to safeguard pay for about 615 full-time employees, or around 1,100 including part-time staff.
- Efforts to extend roughly €240 million in 2022 consortium loans failed after the company’s finances deteriorated, according to reporting.
- The administrator and management have begun an investor search and restructuring process, and the filing pertains to a central company within the group.