BBS GmbH of Germany, one of many world’s largest wheel producers, has filed for chapter, in accordance with a press release posted on the corporate’s web site Monday.
Chapter was a “crucial step to forestall an imminent
insolvency inside the coming months as a result of sudden omission of confirmed
funds,” the corporate stated within the assertion.
BBS cited the “robust market atmosphere” attributable to the continued international coronavirus pandemic, and the accompanying shutdown of its two factories, as the principle components behind the chapter choice.
Previous to submitting for chapter, BBS stated it had initiated “an
in depth turnaround technique for the entire firm,” which it nonetheless plans
to comply with. Two directors have been appointed to supervise chapter
proceedings, one among which performed an element in restructuring the corporate when it
declared chapter in 2011.
BBS was based in 1970 by two beginner racers searching for benefits on the observe, in accordance with a historical past on the corporate’s web site. Seeking to cut back unsprung weight, they developed a three-piece wheel that they later determined to sell commercially.
Right this moment, the BBS identify is a significant participant within the auto trade, supplying wheels to each OEMs and the aftermarket. The identify can also be a mainstay of motorsports.
It’s essential to notice that the chapter doesn’t have an effect on the
separate entities BBS of America and BBS Japan. The latter is accountable for
all forgings for solid BBS wheels designed and constructed for highway automobiles and racing.
This text was initially revealed by Motor Authority, an editorial associate of ClassicCars.com.