Special Report:Global Financial
Crisis
STOCKHOLM, March 5 (Chinese media) -- Swedish automotive industry
supplier Plastal Holding AB announced Thursday it had decided to file for
bankruptcy at a Swedish district court due to the sharp downturn in the
automotive industry and the distressed financial markets.
The company has turned over every possible stone in
its attempt to avoid this situation, but the efforts failed, Roar Isaksen,
president and CEO of Plastal, said in a statement, adding that the parent
company is insolvent and must therefore file for bankruptcy.
The company, based in the Swedish second largest city
Gothenburg, is one of the largest suppliers of plastic components for European
auto companies. It posted sales of 1.3 billion euros (about 1.63 billion U.S.
dollars) in 2008. It has 6,000 employees in Europe and China.
A bankruptcy trustee will be appointed for each
Plastal group company that files for bankruptcy and Plastal employees will be
notified of the details concerning their specific local conditions, according to
the statement.
"I am hopeful that the bankruptcy process would lead
to future solutions for our businesses, valued customers and excellent
employees," Roar Isaksen added.
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