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First German Municipal Utility Holding to File for Insolvency

The German municipal utility Stadtwerke Gera AG filed for insolvency on 27 June 2014. According to press reports it is the first Stadtwerk to take this step, albeit it is wholly owned by the Eastern German town of Gera which is its sole shareholder and with approximately 100,000 citizens the 3rd-largest city of the Central German state of Thuringia . On the 3rd of July also two of its subsidiaries went into administration, the public transportation enterprise Gerarer Verkehrsbetriebe GmbH and Flugbetriebsgesellschaft mbH Gera which operates the municipal airport.

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