Manroland sale related to insolvency proceedings in final stages with two bidder concepts to be submitted to creditors' committee; financial auditor says sale would allow continued operation of company
January 16, 2012
– Negotiations are in the final stages for the sale of manroland AG as part of the company’s insolvency proceedings. “We now have two bidder concepts on the table that will be submitted to the creditors’ committee this Wednesday for a decision,” explains Werner Schneider, financial auditor and provisional insolvency administrator for manroland AG. Based on the current status of negotiations, it is safe to assume that a sale would permit the continued existence of the company’s three sites in Augsburg, Offenbach, and Plauen. According to Schneider, talks with the individual bidders were complex and subject to intense time constraints.
The current offers will be submitted to the members of the creditors’ committee without any fixed expectations regarding the results. “I am working under the assumption that we will be able to reach an agreement with the creditors’ representatives and the banks providing collateral on Wednesday afternoon,” Schneider goes on to say. The last details of the contract could then be worked out with the buyer or buyers. In this context, the final numbers regarding the required downsizing would also be determined with the workers’ representatives – negotiations have not yet been finalized in this area. Schneider emphasized, however, that he is making it a priority to preserve as many jobs as possible.