Manroland Insolvency Administration: Credit Talks Initiated - Report
29 November 2011 - 3:09AM
Dow Jones News
Werner Schneider, the insolvency administrator for German
printing machine maker manroland AG, says talks are underway to
secure credit to keep production at the company's three sites
rolling, German news agency dapd reports Monday from Augsburg.
"There is only a promise of success in finding a powerful
investor if manroland can continue production without limitations,"
Schneider is quoted as saying.
This will require a large credit and negotiations concerning the
credit have been initiated, he added.
"With the liquidity from this credit, materials could be ordered
and suppliers could be paid, keeping future orders in view,"
Schneider said.
Manroland's production sites include factories in Augsburg,
Bavaria, in Offenbach, Hesse and in Plauen, Saxony.
On Friday, the world's third-largest printing machine maker,
with 6,500 employees, applied for insolvency. Manroland's owners
Allianz SE (ALV.XE) and MAN SE (MAN.XE) said they were exploring
options for Manroland to find a sustainable solution for the
company.
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500.