Instafreight has filed for insolvency with a court in Germany but its founder remains confident that restructuring could see the business continue.
Having filed at the Berlin-Charlottenburg bankruptcy court on Wednesday, it was reported that while its 3PL forwarding division had been temporarily discontinued, its 4PL transport management unit would operate as normal.
Yesterday, The Loadstars DeskOne noted Instafreight was under significant financial pressure, [with] meetings thought to be under way to protect the businesss going concern status.
Instafreight founder and MD Philipp Ortwein told German media yesterday the reason for the insolvency was over-indebtedness, not liquidity problems, a potential investors withdrawal during the …
Read the full article at: https://theloadstar.com/instafreight-files-for-insolvency-but-founder-ortwein-hopes-for-restructure/