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Trevira sale process stopped by Insolvency Administrator
28 Nov '09
1 min read
Werner Schneider, Insolvency Administrator of Trevira Group, has stopped with immediate effect the process to sell the fibre manufacturer to the two entrepreneurs Stefan Messer and Karl-Gerhard Seifert. Instead, the business of Trevira Group will be transferred as scheduled to a new company on 1st January 2010.
“In my many years of professional life, I have not encountered such a rather unsusual development yet“, CA Werner Schneider of Messrs Schneider, Geiwitz & Partner comments the events regarding financing of the purchase price and the current assets in the past weeks.
The negotiations on the financing of the purchase price had been extended time and again, and the investors have kept coming up with ever new demands to decrease the price of the sale, Schneider says. In order to put an end to the adjourned game, and to give employees, customers and suppliers of Trevira a secure perspective, the insolvency administration had to terminate the sale process now.
Despite the withdrawal from the contract of sale which will be effected on Monday, 30 November 2009, the situation for Trevira does not look disadvantageous. Restructuring will continue as scheduled in the new company with a positive business result to be expected in 2010.
“In my many years of professional life, I have not encountered such a rather unsusual development yet“, CA Werner Schneider of Messrs Schneider, Geiwitz & Partner comments the events regarding financing of the purchase price and the current assets in the past weeks.
The negotiations on the financing of the purchase price had been extended time and again, and the investors have kept coming up with ever new demands to decrease the price of the sale, Schneider says. In order to put an end to the adjourned game, and to give employees, customers and suppliers of Trevira a secure perspective, the insolvency administration had to terminate the sale process now.
Despite the withdrawal from the contract of sale which will be effected on Monday, 30 November 2009, the situation for Trevira does not look disadvantageous. Restructuring will continue as scheduled in the new company with a positive business result to be expected in 2010.
Trevira Group
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