Overview
- The district court in Friedberg appointed Jan Markus Plathner as provisional insolvency administrator, who said his first goal is to steady production and deliveries.
- He arranged advance payment of insolvency wages so employees keep getting paid and plants can hold staff.
- The company, which filed for preliminary insolvency on April 1 due to inability to pay after a January reorganization fell short, continues to operate at all sites while talks with key customers and suppliers proceed.
- Parent company Ad Capital blamed a sharp sales drop tied to recent geopolitical shocks, and its shares fell after the filing.
- Erich Jaeger makes plug and socket systems for cars, trucks and tractors, employs about 1,000 people worldwide with roughly 200 in Germany, serves major brands such as Audi, BMW, Mercedes, Volkswagen, Ford and Rheinmetall, and most recently reported about €77 million in annual sales.