Magnesium die casting specialist Castwerk Technologies files for the opening of insolvency proceedings

Castwerk Technologies GmbH, a globally active automotive supplier based in Frankenberg (Eder), Hesse, has filed an application with Marburg Local Court to open insolvency proceedings. The court granted the application and appointed the experienced restructuring expert Dr. Michael Lojowsky, partner in the nationwide law firm Brinkmann & Partner, as provisional insolvency administrator.

"I will now work with my team on site to gain an overview of the current situation at Castwerk Technologies GmbH and explore the options for restructuring the company," said the provisional insolvency administrator.

One of the first tasks will be to secure the wages and salaries of the approximately 170 employees for three months, initially by pre-financing insolvency benefits. The workforce was informed at a staff meeting called at short notice.

Castwerk Technologies' customers are OEMs and industrial companies worldwide. Based on the latest production and process technology, the company, which was founded in 1978, develops solutions made of magnesium components of outstanding quality - made in Germany. This expertise has made Castwerk Technologies a leading company in solving magnesium die casting tasks.