German multinational machinery maker Manz announced from its Reutlingen headquarters on Wednesday that it is to apply for insolvency.
The company’s executive board took the decision on account of inability to pay its bills and high debts. The application is to be made in the next few days.
The company’s lenders had decided not to come up with additional funding following intensive talks between the board and investors, it said.
The board was continuing to talk to potential investors, it added.
Manz, which focusses on the automotive industry and electromobility, posted turnover of around €250 million ($260 million) in…
