Starcar GmbH, an important car rental company in Germany, has filed for insolvency, surprising clients and employees. Although the CEO recently boasted about good financial results, the company is facing debts of hundreds of millions of euros. The district court in Hamburg has initiated insolvency proceedings, appointing a provisional administrator to protect the interests of employees and creditors. The company continues to operate, allowing car rentals, and employees have been informed about the situation.
Starcar took out loans of 240 million euros in 2022, but negotiations for their renewal have failed. The bankruptcy of the company, founded in 1987 and with over 100 locations, reflects the financial problems in the automotive industry, affected by rising costs and decreasing profitability.