Recaro Automotive declared bankruptcy in Germany, as reported. The announcement was made four years after private investment firm Raven Acquisitions purchased Recaro Automotive from American seating manufacturer Adient.
It should be noted that Recaro Automotive Seating, the firm that manufactures car seats, is the only one with this name that is insolvent. Recaro Holding, which creates gaming chairs and airline seats, is not a party to the bankruptcy proceedings.
Employees of the firm received notice of the bankruptcy on July 30, and insolvency payments would be used to guarantee their salaries and wages. The firm will continue to fill all current orders and respond to new customer requests while…
