BBS Wheels Faces Bankruptcy Due to COVID

BBS Kraftfahrzeugtechnik, the famed wheel maker behind the basketweave wheel, is facing insolvency. “Due to the unexpected disappearance of promised payments, insolvency threatens in the coming months,” wrote the company in a statement recently.

The difficulty, reports AutoEvolution, stems from the shutting down of global markets following the COVID-19 pandemic. If you were hoping for a new set of BBSs, though, fear not, because the company has a plan.

BBS is planning an “extensive restructuring course” that it hopes will help it bounce back. The course will not be easy, though, since insolvency administrator Thomas Oberle, was behind another restructuring that took place after a previous insolvency in 2011. That followed a first bankruptcy in 2007. But BBS feels confident that this time, the troubles can be attributed to a specific external problem that can be overcome.

Founded in 1970, the company was named after its founders (Klaus Brand and Heinrich Baumgartner) and its founding city of Schiltach. The company started by making plastic auto body parts, before designing the innovative three-piece motorsport wheel for which is is most famous in 1972.

Since then it has expanded into international markets and was the wheel maker for Michael Schumacher in 1995.