Key to the process will be a commitment on behalf of the potential investor(s) to help Sovello back on the right track, and a quick conclusion to the deal.
KPMG Corporate Finance has been brought on board to aid Sovellos management in carrying out a "structured" M&A (merger and acquisition) process. Meanwhile, "all efforts will further be closely coordinated with the preliminary trustee, Mr. Depping of dnp Depping, to maintain all options of a turnaround," said the company in a statement released.
According to CEO, Reiner Beutel, interest has already been shown in the company, which employs a workforce of around 1,250, and reportedly reaped revenues of around 200 million in 2011.
"We consider Sovello a highly attractive investment opportunity, based on the String Ribbon technology, its proven technological competence with a stable high quality production process as well as access to attractive markets," added Depping.
Sovello submitted an application to open self-administration insolvency proceedings at the Dessau district court in Germany, due to a lack of funds, on May 14. On May 15, it unveiled a redevelopment concept, aimed at bringing the company back to solvency.
Popular content
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Share
Becky Beetz
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.