Peguform files for bankruptcy

07 June 2002

German plastics processor Peguform has filed an insolvency petition with the municipal court of Freiburg, Germany.

Reports say the company’s liquidity problems result from the business style of US parent Venture Industries, which acquired the automotive supplier from Klöckner in 1999. Peguform’s foreign subsidiaries are unaffected. Its seven German production sites have annual sales of EUR 900m and employ 5,500. The court has appointed Heidelberg attorney Jobst Wellensiek, who handled the Kömmerling insolvency, as receiver

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