Disc manufacturer – BBS company, filed for bankruptcy in Germany

Disc manufacturer – BBS company, filed for bankruptcy in Germany

July 19, 2020 0 By autotimesnews

According to insiders who are closely familiar with the current state of affairs at the German company BBS Kraftfahrzeugtechnik, the latter is on the verge of bankruptcy. The fault was the financial losses due to the coronavirus pandemic.

2020 has been a difficult year for most companies around the world, in particular due to the financial implications of the coronavirus pandemic. In the automotive field, one such company could be BBS Kraftfahrzeugtechnik, which is reportedly on the verge of bankruptcy. This is the world’s most famous German wheel manufacturer – editor’s note.

This will be the third time a German manufacturer is in a similar financial position.

The company went bankrupt in 2007 and was eventually bought by a well-known Belgian brand. Another bankruptcy occurred a few years later, and since 2015, the South Korean company Nice Corp. has become the main shareholder of BBS. Now, the current financial crisis for the BBS is the result of “the unexpected disappearance of promised payments.” This is how one of the foreign publications quotes the words of the BBS. What exactly this means is unclear.

The bankruptcy filing appears to be only in Germany, due to a decrease in demand for the company’s discs and a production halt due to the coronavirus (COVID-19) pandemic. Some sources who are personally familiar with the current state of affairs at the company say that the BBS will be reorganized, which, in theory, will allow the company to continue working. It is reported that the BBS will continue to exist as usual for now.

How this will affect the BBS brand outside of Germany is not yet clear. In the case of the United States, the German wheel manufacturer has an agreement with the organizers of the legendary NASCAR racing series to supply wheels.