Administrator Says manroland Decision Is Imminent
AUGSBURG, GERMANY—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,” explained Werner Schneider, financial auditor and provisional insolvency administrator for manroland AG.
[Citing the Augsburger Allgemeine Zeitung newspaper, Bloomberg is reporting that U.S.-based Platinum Equity is the investor interested in all three of sites, while Reuters says two separate offers have been made for parts of the company.]
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 printing equipment manufacturing sites in Augsburg, Offenbach and Plauen, Germany. According to Schneider, talks with the individual bidders were complex and subject to intense time constraints.
“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 added.
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.
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