Bremen-based architectural expert Vector Foiltec filing for bankruptcy protection
In a significant development, Vector Foiltec, a global leader in architectural film production and membrane structures, has filed for insolvency on October 30, 2022. The company, which specialises in the production of transparent roofs and facades made from Ethylene-Tetrafluoroethylene (ETFE), has been experiencing financial difficulties due to the long-term effects of the COVID-19 pandemic and the consequences of the Ukraine war.
Founded in Bremen, Germany, in 1982, Vector Foiltec has two production sites in the city, with the Bremen-North site being its original location. The company has a global presence, operating at 18 locations worldwide and boasting over 1,700 projects completed in more than 115 countries. Some notable projects include stadiums, atriums, shopping centers, zoos, garden parks, and public buildings.
The loss of the Russian market after the start of the Ukraine war has also deprived the company of valuable opportunities. This, combined with project and payment delays, has led to a significant loss of liquidity and productivity, according to company reports.
Dr. Christian Kaufmann of Pluta Rechtsanwalts GmbH and Fides Corporate Finance GmbH has been appointed as the provisional insolvency administrator. In a bid to secure the future of the company, Dr. Kaufmann is initiating insolvency advance funding for the German employees to secure salaries from November 2022 to January 2025.
Vector Foiltec's founder, Dr. Stefan Lehnert, remains optimistic about the company's future, citing the demand for their product and the growing market for building with ETFE film. He also emphasises the unique expertise of the Vector Foiltec team.
The search for new investors is ongoing, with Dr. Kaufmann conducting a structured investor process. An investor is deemed necessary for Vector Foiltec to have a future perspective. However, the current status of the investor search following the insolvency filing is not publicly known at this time.
It is worth noting that the insolvency application does not affect the foreign subsidiaries of Vector Foiltec. The company has approximately 115 employees in Germany and over 250 employees worldwide.
For the most current status on Vector Foiltec's investor search, it is recommended to check recent business news releases, company press statements, or financial regulatory filings directly from Vector Foiltec or relevant insolvency administrators.
The financial challenges faced by Vector Foiltec, a global leader in architectural film production and membrane structures, have extended to the broader industry, as the company's insolvency filing on October 30, 2022, is a significant event in the finance and business sector. The company's losses, due to factors such as the Ukraine war and the long-term effects of the COVID-19 pandemic, have raised concerns about the stability of similar businesses involved in the production and installation of ETFE structures worldwide.
