Kettler of Westphalia in Germany has filed for bankruptcy. The company, founded in 1949, produces sports equipment, including bicycles.
The bankruptcy filing was made last night at a district court in Arnsberg. Kettler execs said bankruptcy production would enable to company to create a rescue plan. The business will continue to trade while under Section 270 of the German Insolvency Statute but is protected from creditors' enforcements and sanctions.
Kettler employs 1,100 in Germany.
UPDATE [5th June]: Kettler GB has since passed this statement to BikeBiz:
"Heinz Kettler Gmbh & Co KG, the leading manufacturer for garden furniture, sports and leisure products in Europe, has entered a period of self-administration in order to restructure its German business and to help make that company stronger. The UK operation, Kettler (GB) Limited, is unaffected.
Commenting on the news, Paul Bevington, Kettler GB Managing Director, said: “This step allows the German management to build a stronger business. As a successful independent company within the KETTLER Group, Kettler (GB) Limited welcomes the restructuring and the benefits it will bring. This is an important milestone in our 66 year history and an essential part of positioning the business for the next 60 years. ‘Made in Germany’ remains a core strategy for many product areas and we must maintain that status.”
A restructuring board has been formed and includes the existing sole shareholder Dr. Kettler and Mr Christian Krause as Chief Restructuring Officer with Mr. Christoph Schulte-Kaubruegger of law firm White and Case acting as trustee."