The number of large German firms seeking court protection from creditors more than doubled to 20 in 2Q from the previous three months, according to an emailed report by Frankfurt-based financial advisory firm Falkensteg.
- The period’s tally of companies with revenues exceeding EU100m that filed for protection included included Wirecard, Galeria Karstadt Kaufhof, and Vapiano
- Insolvencies of German companies with more than EU20m revenues surged 29% to 58 in 2Q vs 45 cases in 1Q
- Of these, 27 companies filed for insolvency in April, 16 in May and 15 in June
NOTE: Germany Headed for 54% Surge in Insolvencies, ...