Insolvency adminstrator Thomas Obere, KW automotive founder and Managing Director Klaus Wohlfarth and entrpeneur Mathias Albert (from left).

As a result, purchase agreements and further agreements were signed, which should enable a takeover in June 2021.

“I am very honored that we were able to win the trust of the parties involved in the proceedings with our acquisition concept. By reaching an important milestone, I was able to inform all BBS employees about our plans on March 4, 2021. Until full responsibilities are assumed in June, there are still important agreements to be negotiated, which are the responsibility of the insolvency administrator,” Klaus Wohlfarth said in a statement.