News Article
SZ Files For Bankruptcy
SZ Testsysteme's managing board has filed for bankruptcy. Negotiations with banks have not led to a satisfactory outcome with regard to a sufficient financing framework despite far-reaching agreements with key suppliers and the company's employees.
The company says that the bankruptcy move is a precautionary measure. As no over-indebtedness can currently be recognised, the company simultaneously applied to continue to conduct its operations under its own responsibility.
The plan is for creditors to receive 50% of their receivables within a period of two years. The board hopes to continue negotiations with the banks and that the bankruptcy application can be reversed.