Based in 1919, the corporate has a substantial amount of experience within the development and agricultural machine industries.
The equipment market goes by turbulent instances (Picture: Getty)
A European development tools producer has entered administration amid continued weak point within the equipment market. German loader crane and excavator maker Atlas has filed for administration on the Delmenhorst District Court docket, after the insolvency courtroom ordered preliminary self-administration proceedings final Friday.
Regardless of the transfer, the corporate stated operations will proceed as regular, together with manufacturing, spare components provide and buyer help. Different companies inside the group – Atlas Spare Elements, Atlas FF, Atlas Group Companies and Atlas Kompakt – are additionally going through insolvency proceedings, with functions for self-administration submitted on their behalf.
Self-administration in Germany is granted solely the place there’s a reasonable prospect of restructuring and the place funding for ongoing operations is secured in the course of proceedings. Below the method, current administration retains management of the enterprise, although it operates beneath the supervision of a court-appointed administrator.
The corporate additionally plans to launch a structured worldwide investor course of because it seeks to safe the long-term way forward for the enterprise.
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