Key contract cancelation pushes Sencio Nijmegen into bankruptcy

At the beginning of December, Sencio was declared bankrupt following a business dispute with its key customer, the German automotive supplier Hella. “They suddenly canceled the contract we had with them,” says Oliver Maiwald, CEO of the chip packaging specialist from Nijmegen. With Hella accounting for the lion’s share of Sencio’s revenue and the relationship being put on ice, cashflow got severely squeezed and Maiwald’s company was placed under the supervision of the bank. When salary payments were suspended, the 47 employees filed for bankruptcy.

Maiwald is working hard on a plan to resume operations with a reduced headcount. “The majority of our employees are almost exclusively involved in our business with Hella. The remaining work can be done with a smaller team. According to my calculations, I believe we can achieve a profitable relaunch.” To secure the required investment, Maiwald is in talks with interested parties who want to preserve his company for the Netherlands.