Thielert Aircraft Engines Files For Insolvency
Thielert Aircraft Engines has thrown in the towel after its share prices dropped to near penny stock levels as the crisis over its financial reporting practices deepens. Thielert filed for insolvency on Friday as its share price dipped to .35 Euros. It's traded as high as 25.22 since it went public in 2005. The very existence of the company is now in question as the insolvency process begins. "The going concern of Thielert Aircraft Engines GmbH can only be ensured permanently by restructuring activities with the support of investors, due to the fact that the Holding Thielert AG is not capable to do so anymore," the company's supervisory board said in a statement.