Economy
Monday, April 25, 2016
Hope dies last. In the case of German Pellets this saying could be true. According to the insolvency administrator, there are several takeover bids. For sale first stand core business.
The insolvent fuel producer German Pellets can go in all probability. It subject takeover bids from several German and foreign investors before, which allowed a reorganization and continuation, explained insolvency administrator Bettina Schmudde without naming names.
Now will continue negotiating with the most promising bidders to German Pellets soon as possible to a to pass new owner. For sale first is the core business with three locations in Germany.
According to a report by the “Handelsblatt” commodity processors Rettenmaier applies from the Swabian Rosenberg in Aalen as favorite. Second candidate was the papermaker pulp Rosenthal, owned by the private equity firm Mercer International. The sale will bring a low double-digit millions.
A spokesman Schmuddes did not want to comment on that. His boss had targeted a conclusion to the opening of insolvency proceedings on May 1st. In German Pellets around 650 employees provide wood pellets for heating and animal litter ago.
More aboutThe company from the Mecklenburg city of Wismar had filed for bankruptcy in February after the rescheduling of a bond due April 1 had failed. It is one of the largest bankruptcies in Germany this year, affected is a five-digit number of investors. The signatories of participation rights and high-interest bonds are likely to go empty to the expectations of the insolvency administrator.
The price of pellets was under pressure because of the oil price crashed. Two warm winter also caused the demand slump.
Source: n-tv.de
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