Wiesmann's speedy exit from bankruptcy stalls

After German boutique sports car manufacturer Wiesmann filed for bankruptcy in August last year, we thought order had been returned to the world when the company announced in November that it had applied to dismiss the insolvency proceedings. Little was known about the entry into and the request to dismiss bankruptcy, but it was assumed that Wiesmann had got its financials sorted out before a creditor meeting was to take place in December.

Turns out that the creditors weren't so keen on allowing Wiesmann to burke its bankruptcy. According to a report in German newspaper Der Spiegel, the creditors have sent the company into a temporary shutdown after refusing the carmaker's financial recovery plan to become a joint-stock company. Even though the plan had the backing of Wiesmann's majority investor, creditors weren't convinced. The lights haven't gone out for good yet on the 26-year-old company, though, with current stakeholders in still looking for a solution that will appease the banks.