Automotive supplier Stankiewicz (Adelheidsdorf / Germany; www.stankiewicz.de) filed an application to open insolvency proceedings on 29 December 2008, following failure to reach agreement with customers, banks and suppliers on a restructuring plan within the time available – see Plasteurope.com of 08.12.2008. The district court in Celle / Germany has appointed Christopher Seagon of law firm Wellensiek (Heidelberg / Germany; www.wellensiek.de) as provisional insolvency administrator.

“Given the sound order situation, I assume from my initial analysis that Stankiewicz can continue to supply its customers,” Seagon said in a statement. He said that, together with management, he has “identified great interest in keeping the company in business,” as Stankiewicz has an excellent reputation in the sector. Work is expected to restart at all of the company’s plants as planned on 12 January 2009.

The OEM supplier is part of Gimotive, a group owned by the Dutch private equity investor Gilde Buy Out Partners (www.gilde.com). In addition to its headquarters, Stankiewicz has five other German sites, at Hamburg, Hameln, Bad Friedrichshall, Straubing and Friedrichroda. The company, which mainly produces noise insulation systems for vehicle engines and interiors, has roughly 2,100 employees worldwide and reported sales of around EUR 272m in 2007.