Nagel in Stuttgart, which has been trading since 1922, has been so severely affected by the coronavirus lockdown that it has begun an insolvency process, writes Jonathan Franks.
It applied to the local district court on June 17 to register the start of a self-administered restructuring process under German insolvency law.
In contrast to a normal insolvency, this legal mechanism enables the management to stay in place and carry out the restructuring itself, with the assistance of an external court-appointed trustee, an experienced legal advisor, a so-called sachwalter, specialised in such cases.