The Baumot Group AG is going to the Ganz to the bankruptcy court: Together with the respective subsidiaries Twintec Technologie GmbH, Baumot Technologie GmbH and Baumot Deutschland GmbH, an application for insolvency in self-administration will be submitted to the competent local court, the company from Königswinter near Bonn announced on Friday . The reason is the insolvency, says Baumot.
According to the company, the background to the development is the COVID-19 pandemic, as a result of which the lockdown measures of the governments led to significant sales losses in the core markets of Israel, UK, Italy and Germany. Baumot reports that the resulting liquidity gap could not be closed with the help of investors or the state.
“In the context of self-administered insolvency, the board of directors and management remain authorized to administer and dispose of, the express goal is to reorganize the company through an insolvency plan,” said Baumot. The company wants to seek external help for the restructuring attempt. A general representative will probably be appointed in the next few days.