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9th Febuary 2007

According to reports by the German magazine Auto Motor und Sport, the Schiltach based alloy wheel manufacturer BBS, which is an official supplier of the Ferrari Formula One team and many other motorsport customers as well as an OEM supplier to a number of car manufacturers, has filed for bankruptcy.

In January the company issued a profits warning after posting a 3.8 million Euro ($4.9M US) loss in the first half of 2006 that was attributed to a sharp increase in the cost of aluminium. AMS says that BBS had been trying to restructure its financing with a plan that included early payments from some of its larger customers but this had been rejected by one of its creditor banks.

The latest report says that BBS is now the subject of an investigation over possible insider trading.

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