Volker Böhm from Schultze & Braun, insolvency administrator for the Ziegler Group © Schultze & Braun
For this purpose, Böhm has launched a structured investor process, in which potential national and international buyers are identified and approached. “We are now starting the search for investor from scratch,” a spokesman responsible for the Ziegler insolvency explains.
“Since the start of the preliminary insolvency administration, several interested parties have contacted us for a number of Ziegler subsidiaries. This is an important indication for the further process, as it shows the general interest that exists in the market,” the insolvency administrator says.
While new investors are contacted, talks with existing interested parties are continuing. So, not all potential buyers of the past few weeks have pulled out for good. On the contrary: Renowned international consulting firm PWC has now been commissioned as a mergers and acquisitions (M&A) consultant whose task is to approach current bidders and other companies and see whether they are willing and able to take over the entire group or parts of it. “They will be looking for buyers at an international level,” the spokesman says. He assumes that decisive steps will be taken in the coming weeks and months, at the beginning of February at the earliest.
A potential agreement can only be signed once all insolvency proceedings have been opened – which may take some time. After these proceedings, the companies could be taken over without any liabilities. However, the creditors also have to be served.
The cards would be reshuffled, as the spokesman put it.
