Gimotive/Stankiewicz seeks bankruptcy
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Associated Press
Published: December 30, 2008
HAMBURG, Germany - Gimotive/Stankiewicz, a German-based supplier of soundproofing insulation used by auto makers, has sought bankruptcy protection.
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 company 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 more than $385 million, has sites in Spartanburg, South Carolina and Vance, Alabama, as well as locations in Germany, Poland, France, the Netherlands and the Czech Republic.
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