Insolvency
Manz: Mechanical engineer wants to file for bankruptcy
The mechanical engineering company Manz is sliding deeper into the crisis. The company says it is insolvent and now wants to file for insolvency.
The ailing mechanical engineering company Manz says it wants to file an application to open insolvency proceedings. The board of directors decided this on Wednesday due to insolvency and excessive indebtedness under insolvency law, the Reutlingen-based company announced. The application is expected to be submitted in the next few days, it said.
Manz said the insolvency was triggered by the decision of lenders not to provide any further funds. In recent weeks, the board has held intensive discussions with several capital providers and investors for new equity and debt capital. Regardless of the step that is now necessary, the board is continuing discussions with potential investors.
In 2023, the company achieved sales of around 250 million euros, and Manz’s earnings have been in the red in recent years. Most recently, 1,435 people worked for the company. In 2022, the commercial vehicle manufacturer Daimler Truck acquired around ten percent of the mechanical engineering company as part of a capital increase.
dpa
Source: Stern
