BERLIN (AP) -- Famed German model railway maker Maerklin filed for bankruptcy protection from creditors on Wednesday after it failed to secure new credit from banks.
Maerklin Holding GmbH made the bankruptcy filing at a court in Goeppingen, the company's southwestern German home town. The company said that its everyday business would continue unaffected.
Its managers intend, in consultation with its bankruptcy administrator, "to restructure our traditional company with its cult status, with the instruments of German insolvency law, and establish it permanently in the market," Maerklin boss Dietmar Mundil said in a statement.
Maerklin began 150 years ago as a small factory making tin toys and has evolved into an iconic name in the model railway market.
It prides itself on using materials as close as possible to the real thing, including aluminum, alloys, high-quality plastics and wood.
The company, which makes its products in Germany and Hungary, has some 650 employees and had sales of about euro128 million ($165 million) last year.
http://www.manufacturing.net/News-Maerklin-Files-For-Bankruptcy-020409.aspx?menuid=260
Maerklin Holding GmbH made the bankruptcy filing at a court in Goeppingen, the company's southwestern German home town. The company said that its everyday business would continue unaffected.
Its managers intend, in consultation with its bankruptcy administrator, "to restructure our traditional company with its cult status, with the instruments of German insolvency law, and establish it permanently in the market," Maerklin boss Dietmar Mundil said in a statement.
Maerklin began 150 years ago as a small factory making tin toys and has evolved into an iconic name in the model railway market.
It prides itself on using materials as close as possible to the real thing, including aluminum, alloys, high-quality plastics and wood.
The company, which makes its products in Germany and Hungary, has some 650 employees and had sales of about euro128 million ($165 million) last year.
http://www.manufacturing.net/News-Maerklin-Files-For-Bankruptcy-020409.aspx?menuid=260
