11 October 2011 19:11 [Source: ICIS news]
(recast with new headline)
LONDON (ICIS)--The insolvency administrator of German biofuels technology firm CHOREN has sold a part of the company, officials said on Tuesday.
Tim Brune, the insolvency administrator of CHOREN’s components business, said that CHOREN manager Jonas Kappeller bought the unit, which is focused on specialised gasification and related equipment.
The deal is effective retroactively from 1 October, with Kappeller taking over the unit’s staff of 25 people. Financial terms were not disclosed. The unit will be renamed TAF Thermische Apparatebau Freiburg.
Bruno Kuebler, the administrator for CHOREN Industries (CI), said he is confident that investors will be found for the two main business units – CI and CHOREN Fuel Freiberg.
A number of investors, especially from outside ?xml:namespace>
However, the process of selling those units could take a couple of months because of complicated legal issues related to patents, he added.
The administrators managed to secure bridge financing, which will make it possible to continue employing more than half of the remaining staff of 265, he said.
About 120 employees were laid off over the weekend, Kuebler said. He added that those employees may be re-hired later by the businesses' new owners.
Doris de Guzman examines alternative processing, new technology, R&D and other sustainability initiatives in Green Chemicals
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections