Insolvency process for German retreader Reifen Ihle begins
In late February, Germany’s largest retreader – the Günzburg, Bavaria-based Ihle Group – filed for insolvency. At the beginning of May, the local regional court (Neu-Ulm) commenced insolvency proceedings against the company after determining an inability to pay and over-indebtedness. The court has appointed lawyer Prof. Dr. Martin Hörmann liquidator for Reifen-Ihle GmbH while lawyer Alexander Reus is responsible for Reifen Ihle Service GmbH. The court has also appointed a creditors’ committee. Creditors will meet together on 25 June and, based on the liquidators’ report, decide how to go forward with the process.
Despite the similar name, German tyre industry firms Ihle Holding AG and Ihle Baden-Baden AG are not in any way linked with Reifen Ihle in Günzburg and thus not affected by the insolvency proceedings.