Plastal Holding files for bankruptcy

Swedish automotive industry supplier Plastal Holding AB has decided to file for bankruptcy at a Swedish district court due to the sharp downturn in the automotive industry and the distressed financial markets.It posted sales of 1.3 billion euros and it has 6,000 employees in Europe and China. Meanwhile the automobile sector seems to be worst hit and German auto exports slump in 4th quarter of 2008.It seems like their debt consolidation resource has been very bad...