© alphaspirit-dreamstime.com PCB | December 20, 2013
Potential buyers for PCB manufacturer Greule
There are already potential buyers interested in acquiring German PCB manufacturer Greule. The company filed for insolvency at the end of October 2013.
"We have now opened the data room for potential investors. At the same time we will continue business operations, despite the fact that we expect the opening of insolvency proceedings in early January. So there are lot of reasons for hope", explained the preliminary insolvency administrator Marc Schmidt -Thieme. As of January 1, 2014, the manufacturer will have to pay regular wages again. "It is positive that Greule's top customers stayed with the manufacturer. However, we can only operate, if we - at a minimum - reach break even. This unfortunately means that 20 employees have to be dismissed", continues Schmidt -Thieme. During the past 2 months, the insolvency administrator was able to stabilise business operations; despite a difficult market environment. With supplier and customer agreements in place, make business operations possible even after the expected opening of insolvency proceedings early next year. "We can present a fully functional business to potential investors. That is a big plus." More than 100 potential investors were contacted worldwide in recent weeks. A number of these have already signed confidentiality agreements and can accessed the detailed information available in the aforementioned data room. "We hope that these signs of interest will lead to tentative offers, so we might enter negotiations already in January next year. An adequate assessment of the chances of success is however - for the time being - not possible." However, it can be said that the production in Engelsbrand and Langenbrand will be ramped up again on January 7, 2014.