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Electronics manufacturers will not be spared from bankruptcies in 2024 either. This is the second company in the industry to be hit this year. And a traditional one at that.
Bergisch Gladbach – 2024 will remain a difficult year for many German companies, with many speaking of a “wave of bankruptcies”. The communications technology industry is also not spared from negative news. In April, the company Wisi had to file for insolvency under self-administration. Now the next industry representative, Astro Strobel, is affected.
Insolvency due to ongoing loss-making situation and cancelled major order
Astro Strobel Kommunikationsysteme GmbH reported insolvency how the traditional company, founded in 1947, is developing its Website As early as July 10, the Cologne District Court ordered judicial restructuring in this case in the standard procedure.
Ceiling power cable in an apartment (symbolic image) © IMAGO/Robert Poorten
According to Astro Strobel, the reasons for the insolvency include ongoing supply chain problems as a result of the corona pandemic and the war in Ukraine. Ultimately, a canceled major order was the deciding factor in the need to file for insolvency, also because the liquidity situation could no longer be improved out of court. The provisional insolvency administrator expects the current provisional proceedings to begin at the beginning of September.
The company, based in Bergisch Gladbach, has been manufacturing electronic devices for retailers, system providers and tradespeople since it was founded in 1947. Since then, Astro Strobel has developed into a manufacturer of satellite, cable, multimedia and IPTV transmission technology. The product range includes satellite antennas and multiswitches for satellites, but also multimedia distribution amplifiers, IP headends and fibre nodes.
Looking for investors at Astro Strobel – some investors are already showing interest
Managing Director Herbert Strobel believes in a stable repositioning of his company: “Together with an experienced restructuring team, we will put our company on a sustainably stable basis,” he emphasized to the online magazine digitalfernsehen.de. After the company’s insolvency, the managing director now hopes for a sustainable restructuring.
The provisional insolvency administrator, lawyer Thomas Ellrich, also reiterated his optimism for a rebuilding of Astro Strobel: “The operational business is fundamentally healthy and the company’s customers and suppliers are continuing their orders and deliveries.” In this sense, the search for investors is already underway and, according to Astro Strobel, several potential investors have already expressed their interest.
Astro Strobel continues business operations despite insolvency proceedings
The insolvent Astro Strobel Kommunikationsysteme GmbH emphasized that business operations will continue without restrictions despite the proceedings that have been initiated. Customers, partners and employees have already been informed of this. According to the company, wages and salaries of the workforce will be secured through the pre-financed insolvency benefit from the Federal Employment Agency.
In addition to looking for a new investor, the restructuring team is already negotiating with the banks about a pseudo-insolvency loan. This is understood to mean revolving financing through the disposal of collateral. Instead of a new loan, the collection of old claims or the removal from the warehouse is tolerated. Such a loan always serves to maintain the business operations of insolvent companies. (fh)
