German companies Thor-Gruppe and Pandion AG file for insolvency

Several German companies have filed for insolvency proceedings under self-administration.

The Thor-Gruppe, a building technology company, has applied for insolvency for multiple subsidiaries, including Thor Industriemontagen GmbH. The proceedings affect approximately 800 employees across four locations in Thuringia—Erfurt, Heiligenstadt, Menteroda, and Leinefelde-Worbis—as well as a presence in Hamburg. Management intends to continue business operations and complete ongoing projects. CEO Georg Steinberg cited rising fuel costs, high interest rates, and investment uncertainties as primary causes for the financial difficulties.

Separately, Pandion AG, a real estate development company based in Cologne, has also filed for insolvency in self-administration. The filing affects around 160 employees in Cologne and includes five additional group companies specializing in real estate, sales, design, project management, and engineering. The company is working with financing partners to continue current projects, and employee wages are secured through insolvency money pre-financing from the Federal Employment Agency.