September 17, 2024, 8:20 am | Read time: 3 minutes
Corona and inflation have thrown the economy into disarray. Many companies have had to file for insolvency in recent months. The retail sector, including many large chains, has been hit particularly hard. However, numerous manufacturers have also run into financial difficulties. This includes a long-established company that produces cable, satellite, and IPTV technology.
Astro Strobel has been based in Bensberg in Bergisch Gladbach since it was founded in 1947. The company manufactures satellite, cable, multimedia, and IPTV transmission technology. It claims to be one of the leading manufacturers in this field. However, problems with the supply of certain components and the loss of orders due to the pandemic and the war in Ukraine have put Astro Strobel under increasing pressure in recent months. On July 10, 2024, the manufacturer, therefore, had to file for insolvency at Cologne District Court.
Search for investors has begun
Astro Strobel is a traditional German company that was founded in 1947 by Adolf Strobel. Since then, it has manufactured radio reception technology and system solutions and advertises itself as “Made in Germany.”
Today, the company is managed by the grandson of the former founder, Herbert Strobel. He emphasizes that the company wants to reposition itself in the long term. To this end, the Cologne district court stipulated a court-ordered restructuring in standard proceedings. With this in mind, the company is currently looking for investors, and the first interested parties are said to already exist.
Lawyer Thomas Ellrich from the law firm Voigt Salus has been appointed as the insolvency administrator. He is confident that he will be able to find an investor for Astro Strobel. “The basic prerequisites are in place. The operating business is fundamentally healthy, and the company’s customers and suppliers continue to place orders and make deliveries. Together with a suitable partner, we will find a solution for a long-term perspective for the company and its employees,” says Ellrich. In addition to searching for investors, the restructuring team is already in negotiations with the banks regarding a non-genuine insolvency loan.
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Astro Strobel continues operations despite insolvency
In the meantime, operations are continuing as usual. Managing Director Herbert Strobel is convinced that the company will emerge stronger from the current situation.
According to its own website, Astro Strobel has 115 employees whose wages and salaries are secured by the pre-financed insolvency money from the Federal Employment Agency. No redundancies are planned for now, and the employees are also committed to the company. “We believe in the strength and potential of our company and are determined to get through this difficult phase together and make our contribution to overcoming the current challenges,” says Works Council Chairman Vincenzo Arnone.
The German manufacturer Gigaset also had to file for insolvency in September 2023. The manufacturer of landline telephones and smart homes has since been taken over by the Chinese company VTech. The takeover has saved over 400 jobs in Germany.