Posted 3rd June

Administrator enters exclusive talks with investor for Warendorf rescue

By KBBDaily on 3rd June 2019 - 10:03am
kitchen, money matters, warendorf, Warendorf – Die Küche, administrator, insolvency, manufacturer, germany, kbb, kbbdaily, private equity, cobe capital

Administrator Stefan Meyer of Pluta Rechtsanwalts GmbH has entered exclusive talks with an investor for the rescue of Warendorf – Die Küche, which filed for insolvency due to liquidity problems in March.

Meyer said the investor process for the kitchen manufacturer is in the “decisive final phase” having been negotiating with several potential investors in recent weeks. “We have now agreed exclusivity with an investor,” Meyer said. “He has made the best binding offer and presented the most viable concept.”

Staff at the Münster-based company have been informed about the progress, Meyer added, noting that the investor has granted a loan to secure production for July 2019 in return for the exclusivity. According to the administrator, the investor is an “internationally oriented, renowned company from the Far East” that has had a “close business relationship” with the company for several years.

Negotiations are expected to be completed by July. The opening of insolvency proceedings is expected on the 1st June 2019, where business operations will initially continue “without restriction” under the responsibility of the insolvency administrator. The transfer of assets to the new owner is expected to take place on the 1st July 2019.

“We are currently clarifying further details of the contract,” said Meyer. “This process is very time-consuming, and a number of quite complex issues still need to be resolved. But we are confident that we will be able to sign the contract at short notice.”

Warendorf – Die Küche managing director Stefan Hofemeier added: “I am convinced that the investor solution now in exclusive and final negotiations offers our company the best opportunities for the medium and long term to succeed in a highly competitive market environment.”

Read more: Warendorf – Die Küche circled by potential buyers

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