Automotive supplier Stankiewicz (Adelheidsdorf / Germany; www.stankiewicz.de) has reached agreement with its creditors, customers and suppliers on a plan to keep the company afloat – see Plasteurope.com of 18.11.2008. The good news for employees is that, in a first step, payment of outstanding wages and salaries to company staff was scheduled for 5 December 2008.

Stankiewicz's owner, the Dutch private equity investor Gilde Buy-Out Fund (www.gilde.com), has pledged to contribute financially to the rescue plan. Without funding from the company to finance a turnaround, the German state of Lower Saxony has said it would not be willing to provide credit guarantees.