Jim and Axel
Thanks to both of you for giving me a better insight to this situation and German insolvency procedures.
Axel, you said there is no procedure similar to a US Chapt 11. Does that mean, once a bankruptcy filing is made by a company, the only outcome is the liquidation of the assets and thus the breakup of the business? Is there no way for a company to shield itself from the pressure of its creditors? In a US Chapt 11, the court sanctions a payment schedule designed to satisfy the creditors over a period of time. This allows the business to continue as an ongoing entity, with the understanding that they will not incur future liability beyond the ordinary course of business. Doesn't Germany have anything similar to this? Maybe you can get the answer from that lawyer. Maybe the simple answer is yes and the provision for such a process is all inclusive.
The answer to my question is important. If the filing was lawfully made by KB, and it has merit, that means there's only one possible outcome.....the end of GTEW.....unless there's an alternative process to save it. Maybe the alternative lies in the hands of the Governor who can relinquish control back to the company GM if the situation improves or a white knight rides into the picture. :>)
