Kiekert Faces Insolvency: Lingyun Vows to Save German Auto Locking Giant
Kiekert, the global leader in automotive locking systems, faces insolvency. Lingyun, the current owner, aims to prevent this and safeguard the company's future.
Last week, the Wuppertal Local Court initiated preliminary insolvency proceedings for Kiekert. The company, employing 4,500 worldwide, has been struggling due to financial issues stemming from its Chinese ownership.
Kiekert's CEO, Jérôme Debreu, has expressed concern about the Chinese shareholder's sanctions, which he believes threaten the business. Lingyun, however, was caught off guard by the insolvency applications, learning about them through media reports. Despite this, Lingyun is committed to maintaining its stake in Kiekert AG and Kiekert Holding GmbH.
Lingyun's goal is to avoid insolvency, satisfy all creditors, and secure Kiekert's long-term future. This involves providing liquidity, eliminating insolvency grounds, and preventing damage to creditors. The management also aims to exit the Chinese shareholder to accelerate growth and continue Kiekert's history.
Kiekert's insolvency resulted from Lingyun's failure to provide further funds and meet financial obligations. Despite the setback, Lingyun remains proud of Kiekert as a German traditional company and is committed to retaining ownership and ensuring its survival.
