Four subsidiaries of Schlote Group file for insolvency in Germany
The crisis was precipitated by the sudden revocation of roughly €20 million in credit lines by three major banks, rendering the subsidiaries unable to meet a substantial portion of their financial obligations.
Automotive supplier Schlote Group filed for bankruptcy for its four German subsidiaries March 22. The four subsidiaries affected include Schlote Technology in Harsum, Schlote Gear and Drive Technology in Wernigerode, Schlote Brandenburg and Schlote Harzgerode, with the filings made at the district court in Hildesheim.
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