© kornwa dreamstime.com PCB | January 07, 2016
GGP Schaltungen GmbH in insolvency
The PCB manufacturer from Osterode am Harz, GGP Schaltungen GmbH is insolvent. Management and insolvency administrator are confident that the company can be saved.
On January 4, 2016, the company applied for insolvency proceedings to begin. "GGP continues to produce and deliver without restrictions and our customers and suppliers have already assured us of their full support", states Thomas Peters, CEO of GGP, on January 7, 2016. Excerpt from the customer information letter sent out by GGP Schaltungen GmbH on January 4, 2016: "We regret to inform you that we have - today - requested the opening of insolvency proceedings at the local court in Osterode, due to imminent insolvency. The very extensive (and inevitable) investments into the modernisation of our machine park have ultimately let to debt service, which we were unable to generate against the low-margin competition in Asia." "We are pleased with the fact that our investment implementation is almost complete. Our company sustainably generated positive EBITDA and we are very confident that the GGP will be able to restructure successfully during the insolvency proceedings. In order to achieve this goal as soon as possible, we dependent on your support. For this reason we have issued the insolvency petition relatively early."