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Ziegler Group files for bankruptcy after investor talks collapse

Posted on November 21, 2024 |

Ziegler Group’s debt has grown beyond €407 million, including €326 million owed to banks, due to investments and purchases outside its main business since 2017.

A sharp decline in the construction industry has added to the company’s financial struggles.

The company employs 3,200 people across 34 locations, with 2,000 workers in Northern Upper Palatinate, including 1,500 in Tirschenreuth.

Bankruptcy affects 170 employees in Holding GmbH, with their salaries guaranteed for three months through bankruptcy support.

The company filed for bankruptcy at the Weiden district court, and provisional administration began at 10 a.m.

None of Ziegler Group’s 30+ subsidiaries have filed for bankruptcy yet, but their financial situations are under review.

Local officials are concerned as Ziegler Group provides 5% of jobs in the region, significantly affecting the Northern Upper Palatinate economy.

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