Automaker Karmann files bankruptcy

cathayee

Frankfurt -- The German automaker Karmann has filed for bankruptcy protection.

The nameplate has appeared on the VW Beetle convertible, Chrysler Crossfire and Triumph TR6.

Karmann said in a statement Wednesday that it faced "insolvency in view of impending financial obligations."

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Osnabrueck-based Wilhelm Karmann GmbH employs nearly 8,000 workers. It says the fallout from the global financial crisis and the sharp decline in demand for cars had undermined a restructuring plan it drew up last September.

Karmann has been in business since 1901 and builds cars for different manufacturers.

The company says it aims to reorganize and restructure its operations with an aim toward preserving its future and the jobs of its workers