07:00 AM EDT, 09/07/2026 (MT Newswires) -- Paragon GmbH (PGN.F) filed for bankruptcy at the Paderborn Local Court in Germany after investor Tejascore Techsystems failed to meet its contractual obligations under a binding term sheet signed in June. The German auto parts maker said the insolvency was initiated due to Tejascore's failure to provide the loans it committed to under the deal, resulting in Paragon being unable to meet its supplier commitments. The company noted that the filing also includes its Paragon Electronic and Paragon Movasys units, adding that it plans to appoint a provisional insolvency administrator for the process.

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