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.
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: email@example.com.