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Investing.com -- German battery manufacturer BMZ Group, partially owned by BMW AG heiress Susanne Klatten’s investment firm, has filed for insolvency for several of its key units after losing a major customer.
The company announced Friday that two of its units had initiated insolvency proceedings. BMZ Group, which specializes in lithium-ion battery systems, cited the loss of a significant customer in the energy storage sector that led to legal disputes and increased costs, triggering a liquidity crisis.
The parent company BMZ Holding was also forced to file for insolvency. Once the self-administration insolvency process is completed, the company plans to restructure by spinning off the operational business of BMZ Germany GmbH into a new entity.
BMZ Group stated that other units comprising its core business would remain unaffected by the insolvency proceedings. Shareholders have provided bridge financing and additional funds to ensure operations can continue.
Moving forward, the company intends to focus on battery systems for industrial applications and custom energy solutions.
SKion GmbH, founded by Susanne Klatten, acquired a 20% stake in BMZ Group in 2022, according to SKion’s website.
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