- American parent company - Accuride Corporation - has been in Chapter 11 proceedings since October 2024
- Market downturn in Europe and changed restructuring strategy of Accuride Corporation in the USA requires financing for German Accuride companies in Solingen and Ronneburg
- Wuppertal Insolvency Court appoints Frankfurt-based restructuring expert Dr. Jan Markus Plathner from Brinkmann and Partner as preliminary insolvency administrator for both plants
Solingen, February 10, 2025 – The decision of the parent company Accuride Wheels Corporation in the USA and its creditors to continue business operations in the USA without Accuride Wheels Europe & Asia GmbH after the end of the Chapter 11 proceedings in the USA comes at a particularly inopportune time for the German companies. The market decline in Europe necessitated the filing for insolvency for the production plants Accuride Wheels Solingen GmbH and Accuride Wheels Ronneburg GmbH on February 5, 2025. Dr. Jan Markus Plathner was appointed as preliminary insolvency administrator by the court on February 7, 2025. In addition to the primary task of satisfying the creditors, it is planned to optimize the group in terms of costs and to find a new owner for the group or parts of the group as quickly as possible to secure jobs in the long term.
On February 5, 2025, Accuride Wheels Europe & Asia GmbH filed for insolvency at the Wuppertal District Court, which has jurisdiction over insolvency matters. The application relates to the German plants of the Accuride Wheels Europe & Asia Group in Solingen and Ronneburg. As things stand, no other foreign plants of the Accuride Wheels Europe & Asia Group are affected.
Insolvency as a possible success factor
Of course, the primary goal of the insolvency is to serve all creditors. However, since the insolvency was not triggered by a creeping process, but by the sudden cessation of further cooperation by the American parent company, not all companies of the Accuride Wheels Europe & Asia Group are affected. The largest creditor, in addition to the normal liabilities of day-to-day business, is the provider of the ABL Loan (Asset Backed Loan). It is now important to maintain regular business operations, to fulfill all delivery obligations and legal requirements of insolvency proceedings, and to convince creditors and customers to support the M&A process and the planned restructuring measures.
About Accuride Corporation
Accuride Corporation is a leading supplier of wheels to the global commercial vehicle industry and has its world headquarters in Livonia, Michigan, USA. The company’s products include steel and aluminum commercial vehicle wheels and steel wheels for the European automotive and global agricultural, construction and industrial equipment markets. For more information: www.AccurideCorp.com
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