Wiesmann files for bankruptcy – report

As per a recent report, Wiesmann has filed for bankruptcy in the Münster District Court in Germany.

The company has remained quiet about the proceedings and has preferred to remain silent on what is going on, but the court found Wiesmann insolvent and has appointed Dr. Norbert Küpper as the firm’s preliminary insolvency administrator.

There’s no idea on what Küpper plans to do about the same but Artega found itself in a similar situation a little over a year ago. Their court-appointed administrator stopped GT production in September and then worked out a deal to sell the company’s assets to Paragon AG.

In this situation, there is yet no indication that a similar thing could happen to Wiesmann, but since the co-founders Martin and Friedhelm Wiesmann have reportedly left the company last year and things have obviously gone downhill.

It is certainly not a good news for the auto industry and yet another car maker filing for bankruptcy shows that the market may not be in the best of the moods right now. To add to that the old co-founders leaving the company has further put the company into the mess. Now we will have to wait and see how the proceedings happen and what the final outcome of the same would be.