Kettler: manufacturer Kettcar threatens the end of this week



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For millions of Germans, Kettcar is an unforgettable childhood piece: now it threatens manufacturer Kettler. If it can not secure temporary short-term financing for the troubled company, the deal will be discontinued on Friday, the company told the German news agency on Tuesday. The approximately 720 employees would then be released.

Kettler had already filed for bankruptcy in July. The objective was a reorientation with the help of a Luxembourg investor. However, the investor threw in the towel when the Heinz Kettler Foundation was not ready to meet their demands.

Kettler has the help of North Rhine-Westphalia

The company now has high hopes for an attempt to moderate the state of North Rhine-Westphalia, to which all parties involved, including the foundation, were invited to Düsseldorf. This is likely to be primarily bridge funding, which should allow the company to conduct further discussions with potential investors.

According to the Ministry of Economic Affairs of Düsseldorf, the Heinz Kettler Foundation plays a key role here. In order to find a new investor and thus make it possible to preserve the company, "an immediate decision of the Kettler Foundation on the value of its contribution is absolutely necessary," the ministry said.

The Kettler company has been struggling for economic survival for years.

However, according to the ministry, a reaction from the foundation's board representatives to the invitation to a roundtable was still pending Tuesday afternoon. "Without the involvement of the Board of Directors, however, a solution does not seem realistic," said a spokesman for the authorities. "We hope that ultimately, in the interests of the company, all parties can still find a cooperative attitude." Initially, no statement was received from the foundation itself.

Kettler has been struggling for years for survival. As early as 2015, he had to go bankrupt for the first time. But after a reduction of around 200 jobs and the sale of the bicycle division, he was able to start again. In 2017, a fatal car crash of Kettler's heiress, Karin Kettler, caused further turmoil.

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