News Article
SZ Testsystemes Managing Board Has Filed 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 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.
Electroglas has decided to further reduce its employee base by an additional
20-25% during Q4.
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.
Electroglas has decided to further reduce its employee base by an additional
20-25% during Q4.
