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Old 02-23-2010, 12:25 PM   #1
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Join Date: Dec 2003
Location: The OC™
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Default Gemballa goes into insolvency after the owner's disappearance

If you haven't heard already Uwe Gemballa has been missing in South Africa. It's been rumored that he may be on the run after he failed to repay massive amounts of debt. There's been also talk of his being kidnapped, but the German Police isn't considering it a kidnapping case.

Now, the Gemballa's being in dept is now being proved true as the German government, who has taken over Gemballa for the time being, has declared the company insolvent meaning that it has no money to pay off its debt. It's not clear how the company will get out of this one.

Daewoo anyone?
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