Meteor Gummiwerke from Hildesheim file insolvency petition

- Solicitor Christopher Seagon appointed as provisional insolvency
?? administrator
- Seagon examines business situation and restructuring
??options of company
- In 2010 the company group with approximately 2,300 employees
??worldwide generated sales of 221 million euros

Hildesheim, 13 January 2012 - Meteor Gummiwerke K. H. Bädje GmbH & Co. KG based in Bockenem and its subsidiary Meteor Weigelt GmbH & Co. KG based in Bietigheim-Bissingen (near Stuttgart) have filed a petition for opening insolvency proceedings with the local court responsible in Hildesheim on account of impending insolvency and excessive indebtedness. The court has appointed the Heidelberg solicitor Christopher Seagon as provisional insolvency administrator.
Seagon is currently engaged in examining the business situation and on this basis the company's restructuring options. "It's still too early to say more in detail," according to Seagon. The initial aim is to maintain business operations in order to maintain continued delivery to customers without disruptions, especially in the automotive industry, and to create the conditions to secure locations and as many jobs as possible.
Steps to secure the pre-financing of the insolvency pay have already been taken, meaning wages and salaries are at any rate guaranteed until the end of March.
"In general, the insolvency proceedings provide good opportunities for financial and operational restructuring," Seagon noted. He was confident regarding the next steps and coordination measures with customers, banks and suppliers.
The foreign subsidiaries in the Czech Republic, Meteor Polymer Products s.r.o. and the USA Meteor US-Holding, LLC are not affected by the insolvency petition.
About Meteor
Meteor produces highly specialised rubber or elastomer seals and sealing systems, which are used in automobiles, rail vehicles and aircraft, as well as in electrical and household appliances, where they take care of safety, functionality and comfort. The company's customers are accordingly from the automotive and automotive subcontractor industry and further technical industrial sectors, such as environmental technology, special vehicle construction, civil engineering, packaging and the electrical engineering industry. With approximately 2,300 employees worldwide Meteor generates sales of about 221 million euros. Around 1800 employees are employed at the headquarters in Bockenem.
About the provisional insolvency administrator
Solicitor Christopher Seagon is a partner in the law firm Wellensiek Rechtsanwälte - Partnergesellschaft, which is specialised in company restructuring. In recent years he has supported and restructured a total of fifteen automotive sub-contractors in insolvency. Most recently in Lower Saxony he succeeded in rescuing the insolvent business operations of Stankiewicz GmbH in Celle with 2,000 employees worldwide by restructuring through transfer to IAC International Automotive Components GmbH. Before this he had sold the Engelmann Group in Hanover with 700 employees to the Schefenacker Group out of insolvency.

Press contact
Press spokesperson of the provisional insolvency administrator
Holger Voskuhl
rw konzept GmbH
Agentur für Unternehmenskommunikation
Maastrichter Straße 53, 50672 Köln
Phone: +49-(0)221-400 73 - 87
Fax: +49-(0)221-400 73 - 88
Mobile: +49-(0)170-2101523
Date: 2012-01-17