27 November 2009 17:33 [Source: ICIS news]
TORONTO (ICIS news)--The insolvency administrator for German textile, fibre and polyester producer Trevira has halted the firm’s sale to two investors, he said on Friday.
Instead, Trevira would be transferred into a new company effective 1 January, administrator Werner Schneider said.
Investors Stefan Messer and Karl-Gerhard Seifert, who in August had agreed to buy Trevira, kept coming with demands to reduce the purchase price, Schneider said.
The closing of financing had been extended time and again, creating uncertainty in the market about Trevira’s future, he said.
In order to put an end to the “adjournment game” and to give Trevira’s employees, customers and suppliers a secure perspective, Schneider had decided to end the sales process, he said.
“In my many years of professional life, I have not encountered such a rather unusual development,” he said.
However, despite the cancellation of the sale, Trevira’s business outlook was "not disadvantageous," Schneider said.
Restructuring would continue, and the new company was expected to generate a profit next year, he added.
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Reliance bought the firm in 2004 from Deutsche Bank. The business used to be part of former German chemicals and pharmaceuticals major Hoechst.
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