Ettlingen – October 27, 2026 -- Sonnen has become insolvent after more than €1 billion in investment, a case restructuring specialist Ulrich Kammerer says proves that capital cannot rescue a business model that does not pay its own way.

Kammerer says growth and high revenue do not guarantee survival

Kammerer, co-founder of UKMC eG, says he has accompanied more than 400 companies through restructuring. He argues that a company that spends more than it earns for years may only push its problem into the future when it raises fresh capital. In his view, the deciding question is whether a company can survive long term on its own strength, not how much money has been invested.

Investor backing can mask losses until support ends

Kammerer says many entrepreneurs focus on revenue, growth and new investors, while a crisis shows up much earlier in liquidity planning and running costs. The danger peaks when losses are covered by new capital year after year. A company backed by a financially strong investor looks stable from outside, he says, but it can tip within a very short time if that support disappears.

Three warning signs flag insolvency risk despite high sales

• Operations produce permanent losses and stay afloat only through additional financing.
• Liquidity tightens even though revenue is high.
• The company depends on individual investors, banks or major customers.

Kammerer says that ignoring these signals risks a point where even a large cash injection no longer suffices. He urges management to act early, before it loses the ability to act.

Kammerer has supported companies in self-administration, protective shield and StaRUG proceedings for more than a decade and has overseen more than 350 restructurings. He previously led his own IT company, with about 700 employees, through a protective shield procedure.