Niedereschach, southern Germany based Adventure Touring specialist Touratech AG has filed an insolvency application. While the company says that business operations will continue unchanged, the company’s management has decided that it needs to seek the backing of the German bankruptcy process for a financial reorganisation.
The company says that the reason for the crisis is the delayed implementation of the new building, which was necessary to meet increased demand – the results of the delays have been associated difficulties with logistics and production and a considerable loss of production and supply.
The company currently employs some 400 people and they were informed about the proceedings on August 11. A provisional insolvency administrator has been appointed - Dr. Dirk Pehl of Schultze & Braun – and the company says it is current with wages and salaries.
Guided by Dr. Pehl, the company’s management board will use the phase of provisional proceeding to obtain an overview of the company’s economic situation and to review restructuring options.
“Touratech has already developed initial plans for a restructuring concept with its consultants before the application for insolvency,” said Dr. Pehl after his first review of Touratech’s financial status. “The first thing to do is to implement the restructuring that has begun and to develop opportunities to put the company on a healthy financial and economic base in order to preserve the location and jobs as much as possible,” continued Dr. Pehl.
Touratech AG was founded in 1990 and is operated by Herbert Schwarz, Jochen Schanz and Martin Wickert as board of management. The origins of the company lay in Herbert Schwarz’ endeavours to build himself some tough terrain motorcycle equipment that didn’t exist in the late 1980s. The first Touratech products were the IMO motorcycle computers, the Chala 12HD tent lamp and sturdy aluminium panniers. Touratech’s current product range compromises more than 7,000 different products.
Touratech sells aftermarket through an international network of importers/distributors, serving about 50 markets worldwide. The company is also a supplier and development partner for several motorcycle brands.
