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Gimotive/Stankiewicz seeks bankruptcy

Gimotive/Stankiewicz seeks bankruptcy

Gimotive/Stankiewicz GmbH, a supplier of soundproofing insulation used by auto makers, has sought bankruptcy protection, the district court where it was filed said Tuesday.
The announcement by the district court in the central city of Celle, about 60 miles (100 kilometers) south of Hamburg, came more than three weeks after an apparent deal with creditors, banks and customers had been reached that let the company's more than 2,000 workers receive paychecks.
The court said in a statement that the company requested the insolvency filing and a liquidator was appointed. Calls seeking comment from the company, also based in Celle, were not immediately answered.
The company, which makes soundproofing insulation for automobile interiors and engine compartments, had been wrestling with a drop in demand from the large automakers, including BMW AG and Daimler AG, suffering from precipitous sales declines as consumers worldwide scale back spending on expensive items.
Gimotive/Stankiewicz, which has annual sales of approximately


Updated : 2021-05-06 22:10 GMT+08:00