11 October 2011 19:11 [Source: ICIS news]
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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.
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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.
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