Bankruptcy: Next crisis for the former Neue Halberg Guss

Just over a year after the rescue of Neue Halberg Guss, the automotive supplier Guswerke Saarbrücken has applied for insolvency, according to reports. Apparently the district court of Sulzbach, Germany appointed Franz Abel von Abel and colleagues as the provisional administrator. Dr. Alexander Höpfner of BBL Bernsau Brockdorff & Partner joined the management of the Saarbrücken site as a representative of the law firm, which One Square Advisor took over at the end of 2018 together with the Leipzig casting works.

The Leipzig sister company of the insolvent Guswerke Saarbrücken, with its approximately 500 employees, is not affected according to media reports. Although it has been reported now that Gusswerke Leipzig (formerly Halberg Guss) has also now filed for bankruptcy. This is despite the order situation being stable, the customers are staying loyal and the machines are busy.

The former managing director of both locations, Michael Capitain, still remains in office. At his side is the Frankfurt-based BBL partner Höpfner. The manufacturer of castings for the automotive industry still employs 1 100 people at the Saarbrücken location.

In the run-up to the bankruptcy, negotiations between the owners, the Saarland and major customers General Motors, Deutz and Volkswagen had failed. Only at the end of last year did the workforce celebrate an elaborate deal between the Munich restructuring consultant One Square Advisors and the former shareholder Prevent. With debt from Deutz and General Motors they bought the auto parts supplier and united the two foundries under the umbrella of Avir Guss.

After months of dispute, the then change of ownership ended the dispute between the engine manufacturer Deutz and the Prevent Group.