Flabeg Automotive, a prominent German supplier of windows and side mirrors for various car brands, has filed for bankruptcy at the district court in Regensburg.
The bankruptcy marks another blow to the auto industry, which has faced a series of financial difficulties in recent months, particularly in Germany.
Struggles Leading to Bankruptcy
The company had already signaled trouble in August, warning that it was on the brink of financial collapse.
Despite efforts to keep the business running, Flabeg Automotive filed for bankruptcy last week, officially ending its fight to stay afloat, according to a press release.
The company's financial struggles had been public knowledge since August when it announced it was on the brink of bankruptcy.
Despite the filing, production at the factory continues for now, although the 190 employees face an uncertain future, as orders have dried up. The company's last remaining orders were completed at the end of September.
Volker Böhm, the lawyer managing the bankruptcy proceedings from Schultze & Braun, had previously stated in a press release that all options were being considered to keep the company running. However, efforts to secure a solution have not yet succeeded.
Flabeg Automotive and Böhm now hope that investors can be found to rescue the company. According to Boosted, several car manufacturers have expressed interest in maintaining production.
