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e.GO: Officially insolvent - still searching for investors

Aachen District Court opens insolvency proceedings in self-administration. Nevertheless, the start-up electric car manufacturer continues to seek investors and intends to sell produced vehicles.

Picture from better days: In May of last year, the plant hopefully commenced production, which subsequently ramped up unevenly. | Photo: J. Reichel
Picture from better days: In May of last year, the plant hopefully commenced production, which subsequently ramped up unevenly. | Photo: J. Reichel
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After the company had already filed for protective shield proceedings in April, the local court in Aachen has now opened insolvency proceedings under self-administration against e.GO Mobile. The official reason given by the court was "insolvency and over-indebtedness." The manufacturer announced that "to preserve the insolvency estate," no cars will be produced in July and all development activities will be suspended. The employees are to be placed on short-time work. However, e.GO plans to continue negotiating with potential investors and intends to sell already produced vehicles. Additionally, the customer service and after-sales service will remain available as usual, the company assured. The current CEO and founder, Günther Schuh, will also remain in office. However, he will be assisted by a general representative, Paul Fink, from the law firm FRH, which specializes in restructuring and insolvency law.

From the manufacturer's perspective, the court's decision to approve the self-administration request confirmed "that e.GO Mobile remains an attractive company with a positive future outlook," as stated by the company.

“In recent months, we have had many promising discussions with both national and international investors. We are therefore confident that we will find a good solution with a bit more time,” Günther Schuh said optimistically.

Interest in the e.GO Life remains very high, and the company "continues to work with full commitment on shaping the mobility of the future," Schuh emphasized.

Translated automatically from German.
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