BBS Wheels In Bankruptcy?

The Autoblog is reporting that German wheel manufacturer BBS is in German bankruptcy proceedings. The loss of a supplier and the skyrocketing price of aluminum seem to have done the job. The guys at Autoblog profess no expertise in foreign bankruptcy law and marginally better knowledge of German but the Auto Motor und Sport headline of “BBS meldet Insolvenz an” doesn’t sound too good to this non-German speaker.