Small German firm, Artega files papers for insolvency
Artega is quite well-known for its plucky little GT sports car which has been in production since 2007. However, the company has fallen into dire straits recently filing for insolvency with the local courts in Paderborn, Germany.
In an official statement regarding the issue, Artega stated “This step was necessary from a business perspective, for months after the proposed sale to an Asian investor had failed at the last minute. Together with the insolvency administration is now talking with other investors will be taken to find a solution for Artega, and its 34 employees. The operations will continue in full.”
The crippled brand has been looking for investors for months, and the above Asian investor pulled out for unknown reasons, thus leaving the company with nowhere to go.
For those of you not familiar with the term “insolvency” it basically means Artega is unable to pay off its debt, and may signal the end of the company as we also expect bankruptcy to be filed in the coming months, unless a lifesaving investor comes out to purchase the company.
This is extremely sad news for the company, and the shaky economic conditions in Europe are likely to be partly responsible for Artega being unable to pay off its debt. Furthermore, Artega was developing atarga version of the Artega GT and these latest developments may mean the end of the GT all together.