Press release from the issuing company
Augsburg - The Swiss investment company Axentum Capital is in exclusive talks with the preliminary insolvency administrator of BÖWE SYSTEC AG, Werner Schneider, over an acquisition of the insolvent company's German, European and Japanese activities. The buyer was selected from a group of around a dozen interested parties. This was due in particular to the fact that its business concept ensures a sustainable future for the company.
"Over the last few days we have been able to reach agreement with Axentum on the essential points. We will now finalise the necessary detailed contracts," explained auditor and insolvency administrator Werner Schneider. "We will take every care in doing so, without excessive time pressure, and we expect to conclude the talks by the end of August." This means that the originally planned deadline for handing over the company is being postponed by four weeks.
Schneider brought together the German, European and Japanese activities as well as the company Lasermax Roll Systems in order to form BÖWE SYSTEC GmbH. The sale is intended to ensure that these activities will continue. This applies in particular to maintaining production at the company headquarters in Augsburg. Independently of this sale, the preliminary insolvency administrator Schneider is looking for a solution for the American subsidiaries. These still currently have a separate financing concept with American banks and are not affected by the insolvency.
It is likely to take another four weeks to iron out the remaining details of the sale and prepare the necessary administrative measures. The process is expected to be concluded by the end of August. "Based on the current state of the negotiations, I am convinced that it will be possible to secure a successful sale and the long-term survival of the company within this timeframe," said Schneider. The sale is subject to the agreement of the committee of creditors, the release of the essential parts of the business by the banks as secured creditors and the approval of the cartel authorities.
Before the opening of insolvency proceedings, due to take place on 1 August 2010, BÖWE SYSTEC has already begun laying off 150 employees in Augsburg as part of the implementation of Axentum's acquisition concept. From 1 August 2010, these employees will be reassigned to a training and transfer company, as was agreed with employee representatives. 474 employees will be transferred to the "new BÖWE" at the Augsburg premises.
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