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Nussbaum Custom Lifts GmbH takes over Otto Nußbaum GmbH & Co. KG

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Nussbaum

Following the news that Nussbaum had got into financial difficulties due to the costs of restructuring process that had been going on since 2014, high repayment charges, a slump in demand and the effects of the COVID19 pandemic, its future has now apparently been secured. Our German sister publication Neue Reifenzeitung’s online portal reifepresse.de reports that after the bankruptcy of parent company Otto Nußbaum GmbH & Co. KG, the insolvency administrator Dr. Dirk Pehl of Schultze & Braun sold the business to the newly-founded Nussbaum Custom Lifts GmbH effective 1 July 2020, which is also connected to the Nussbaum family. As a result, around 220 employees will be transferred to the new company and the firm’s production sites in Kehl are to be retained.

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Buyers found for 2 more Fintyre businesses in Germany

A week ago, Bridgestone announced its acquisition of 42 Reiff Reifen und Autotechnik retail outlets in Germany from the now-bankrupt Fintyre Group business. The insolvency administrator handling the Fintyre case reports that buyers have also been found for two further Fintyre businesses, Duro Reifenservice GmbH and Reifen24 GmbH.

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  1. Fintyre Group employee pay ‘coming’, restarting business operations a priority
  2. End of the line for German tyre wholesaler RS Exclusiv
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  4. Some Fintyre companies operating again in Germany
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End of the line for German tyre wholesaler RS Exclusiv

Some ten weeks ago, German tyre wholesaler RS Exclusiv Reifengroßhandel GmbH entered insolvency as part of the Fintyre Group’s operations in Germany. It now seems that the company’s days are numbered. The insolvency administrator’s office confirmed the sale of RS Exclusiv’s headquarters site north of Hamburg to our German partner magazine, Neue Reifenzeitung. The wholesaler has quarter of a year to pack its things and go. But the insolvency administrator also reports another, more cogent reason for winding up the business.

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Insolvency proceedings begin for 7 Fintyre Group companies in Germany

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Insolvency proceedings begin for 7 Fintyre Group companies in Germany

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  1. Fintyre Group employee pay ‘coming’, restarting business operations a priority
  2. Search for Fintyre investor begins as employees receive insolvency benefits
  3. Some Fintyre companies operating again in Germany
  4. Fintyre’s insolvent businesses: All unpaid employees now receiving benefits
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Fintyre insolvency: Investors look at companies

According to Sebastian Brunner, spokesman for the provisional insolvency administrator handling the Fintyre Group case, a number of parties have already expressed interest in acquiring individual companies belonging to Fintyre’s insolvent German operations. These potential investors have already inspected the companies in question or will do so in the near future. “We hope to already have binding offers on the table in April and then be able to enter into negotiations,” said Brunner.

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Some Fintyre companies operating again in Germany

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The insolvency administrator handling the case of 16 Fintyre Group companies in Germany reports further progress. Miguel Grosser from law and insolvency administration firm JAFFÉ states that 31 TyreXpert, Secura and Duro retail outlets are selling tyres again and providing a full range of customer services. Other centres, including those belonging to Reiff Reifen und Autotechnik, can operate on a “restricted” basis but not sell new products.

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Fintyre insolvency: New month, no pay

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Reiff

Hundreds of people employed by Fintyre Group subsidiaries in Germany didn’t receive their wages or salaries for January, and it looks like this unhappy situation occurred again a month later. Disgruntled employees have contacted our German affiliate to confirm the lightness of their bank accounts, but apparently, they’ll soon become weightier.

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Fintyre Group employee pay ‘coming’, restarting business operations a priority

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All 16 companies in the German Fintyre Group have now applied to open insolvency proceedings. But what lies ahead for the 1300-plus employees awaiting wages and salaries, the affected companies’ creditors, and the companies themselves? Sebastian Brunner, spokesman for Miguel Grosser, the provisional insolvency administrator at law firm Jaffé, told our sister website in Germany, Reifenpresse.de, that approximately 200 Reifen Krieg employees will receive their outstanding January wages and salaries in the coming days. Business at the group’s wholesalers and retailers is largely at a standstill, though the office of the provisional insolvency administrator has some more positive news on this too.

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German Fintyre Group almost completely in bankruptcy

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German Fintyre Group bankruptcy

Just a few days after bankruptcy proceedings were initiated by Reifen Krieg GmbH, several other companies under the umbrella of the German Fintyre Group are now bankrupt, including almost all of the companies relevant to the operating business.

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Fintyre Group’s Reifen Krieg files for bankruptcy

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German tyre distributor Reifen Krieg GmbH, part of the Fintyre Group of companies (Fintyre) active in tyre distribution and retail in Germany and Italy, filed bankruptcy proceedings on the evening of 6 February in Frankfurt, with lawyer Miguel Grosser appointed trustee. Tyrepress reported on Monday that the group’s chief executive officer, Claudio Passerini – who is also the CEO of the group’s umbrella organisation in Germany, Fintyre Group GmbH – had written to Fintyre’s German employees to inform them of restructuring necessary for the short-term to ensure its sustainable continuation in the wake of missed salary payments in January.

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Sears enters Chapter 11

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On Monday 15 October 2018 Sears Holdings Corporation, the 132-year-old US retailer known for selling everything to everyone, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Southern District of New York.

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ATD enter bankruptcy proceedings

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A month after its credit rating was downgraded, American Tire Distributors, Inc. (ATD), the largest tyre wholesaler not only in the USA, but in the entire NAFTA region, filed for Chapter 11 bankruptcy protection in the District of Delaware on 4 October. At the time, the company announced that it had entered into a definitive agreement with approximately 75 per cent of its bondholders on the terms of a recapitalization that would reduce the company’s debt by approximately $1.1 billion and increase its financial flexibility as it continues its ongoing transformation

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Yongtai Group enters administration

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The Chinese Yongtai Group, which once ranked as the 32nd largest tyre manufacturer in the world and which used to produce World Rally Championship tyres for DMack as well as the well-known Durun budget brand, is bankrupt. Shandong Yongtai Group Co., Ltd. officially entered administration on 16 July 2018. On 4 August 2018 Shandong Dongying Intermediate People’s Court published documents showing that Guangrao County-based Caijin Asset Management Co., Ltd.’s application for Yongtai to enter administration had been accepted. The Beijing-based Dacheng (Jinan) law firm was appointed as the administrator of Yongtai Group.

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No extension for Kumho Tire receivership deadline

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Sale agreement or receivership – according to creditors, 30 March remains the deadline for Kumho Tire. Yonhap News Agency writes that Lee Dong-gull, chairman and chief executive officer of the Korea Development Bank, has ruled out an extension to this deadline. This means that should its labour union not agree to Qingdao Doublestar Tire’s purchase of a 45 per cent share in the company, from Monday 2 April Kumho Tire will be bankrupt and placed under court receivership.

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Yongtai Chemical-owned Covpress in administration

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Coventry-based car panel OE supplier Covpress entered administration at the end of September, with administrators stressing there are no current plans for redundancies amongst the 800 staff. Rather there is a good chance the business will be sold as a going concern. So far around 50 companies are said to have expressed an interest. But with business on the up at Covpress, could a deflated Chinese tyre business be behind the news?

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