Squeezed German ingot producer seeks bankruptcy protection

Sep 30, 2005 | 04:13 AM |

German secondary zinc and aluminum ingot producer Greuter & Kerscher Metallhuettenbetrieb GmbH & Co. KG has filed for bankruptcy protection.

The company called in an insolvency administrator after it ran out of money because of mounting unpaid invoices by its die-casting customers.

The cash-flow problems occurred because the automotive industry has forced die-casters to accept payment terms of 60 days or more. As a result, die-casters have been paying their ingot suppliers on even longer payment terms, sometimes stretching to 90 to 120 days, according to market observers.....

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