Bremen-based architectural expert Vector Foiltec experiences bankruptcy filing
In a significant development, Vector Foiltec GmbH, the world market leader in architectural film construction and inventor of the Texlon® ETFE system, has filed for insolvency. The Bremen Regional Court ordered the provisional insolvency administration on November 1.
The financial difficulties faced by Vector Foiltec are attributed to the long-term effects of the Corona pandemic and the consequences of the Ukraine war. Project and payment delays have led to a significant loss of liquidity and productivity.
Dr. Christian Kaufmann of Pluta Rechtsanwalts GmbH has been appointed as the provisional insolvency administrator. The company is currently supported by Dr. Kaufmann and Fides Corporate Finance GmbH.
Vector Foiltec has already installed over 5,000,000 m2 of ETFE film and completed over 1,700 projects worldwide, including the "Eden Project" in Cornwall, UK, and numerous stadiums, atriums, shopping centers, zoos, gardens, and public buildings.
The company operates at 18 locations worldwide, with two locations in Bremen, Germany, where production at the Bremen-North location has been ongoing since its founding in 1982. Vector Foiltec employs over 250 people worldwide, with around 115 in Germany.
In response to the insolvency, an insolvency advance funding for the German employees has been initiated to secure salaries from November 2024 to January 2025.
The founder, Dr. Stefan Lehnert, remains optimistic about finding a long-term solution and sees potential in the Middle East, Southeast Asia, USA, and European renovation projects. Dr. Lehnert believes that the company's unique technology and extensive project portfolio will continue to attract investors.
Dr. Kaufmann will continue talks with potential investors and conduct a structured investor process to secure Vector Foiltec's future perspective, as stated by Dr. Kaufmann. The further companies of the group, especially the foreign subsidiaries, are not affected by the application.
As the situation develops, updates on the insolvency, potential investors, and future plans for Vector Foiltec will be made available. For detailed, up-to-date information, it is recommended to check recent business news outlets, financial reports, or official company statements.
The financial challenges faced by Vector Foiltec, a significant player in the industry, are impacting the business sector, with insolvency affecting the company's ability to secure financing. Meanwhile, potential investors are being courted to secure the future perspective of this globally renowned entity in the field of architectural film construction, known for its Texlon® ETFE system.
