BBS Wheels files for bankruptcy for the 3rd time

Car alloy wheel manufacturer BBS GmbH has filed for insolvency in Germany. The announcement comes in the year of the company's 50th anniversary.

The ongoing Coronavirus pandemic has been claimed to be one of the reasons for the situation of the company. The bankruptcy was necessary due to the due to the sudden cancellation of confirmed payments due in the upcoming months.

In 2007, BBS went through bankruptcy and was purchased by a Belgian company. Another bankruptcy occurred a few years later. Since 2015, a South Korean company called Nice Corp has been the majority stakeholder in BBS.

It is speculated that as the bankruptcy has been filed only in Germany, the company could undergo reorganization. According to BBS, production will continue for now.

Thomas Oberle and Marc-Philippe Hornung have been appointed as insolvency administrators for the company.