German Battery Maker Backed by Klatten Files for Insolvency

A German battery-maker partly owned by the investment firm of BMW AG heiress Susanne Klatten filed for insolvency for some of its key units, citing the loss of an unnamed customer.

BMZ Group, which manufactures lithium-ion battery systems, said that two of its units had filed for insolvency proceedings, according to a statement dated Oct. 24. The loss of a major customer in the energy storage sector led to legal disputes and increased costs, prompting a liquidity crisis, it said.