Early this weekend we ran across a post in the forum of German site pff.de (Independent Porsche Magazine and Forum) with the title "9ff & Speedart have filed for bankruptcy".
We immediately began reading (and translating to the best of our ability) and found there wasn't a ton of information just a lot of speculation. However, with a bit more digging we were able to find the German site www.insolvenzbekanntmachungen.de (apparently a site where Bankruptcy notification are published to the public in Germany). We searched for both speedART and 9ff and found the following two files:
- 2013-09-04 Speedart Automotive Design GmbH, Rutesheim, IN 3 322/13, Registration Court: Stuttgart, HRB 724612
- 2013-09-06 9ff Automotive GmbH, Dortmund, 260 IN 76/13, Register court Dortmund, HRB 15035
It's hard to tell from the two documents exactly what's going on. From what little we know about German Bankruptcy law it seems that it's similar to the U.S. in that many things could happen including a restructuring of the company's debt, a settlement between the company and its creditors or a complete break-up and sell off the company's assets in order to pay off creditors.
What Does it Mean?
Unfortunately, we can't say with any certainty what happens next. Both companies are known for some fantastic (yet super expensive) tuned Porsches and we sure hope they're able to work out some type of restructuring for the sake of their employees, creditors and the Porsche market as a whole.
We reached out to both organizations, and their attorneys, but haven't heard back from either. If we do, we'll update this post. In the interim, if anyone has additional information, please share it in the comments below.
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