Rescue deal in sight as Warendorf administrators in final talks with investor

Warendorf looks set to be rescued by an investor from the Far East according to latest reports from the administrators in Germany.

Administrator Pluta Rechtsanwalts GmbH in Germany said it has been in talks with several interested parties and has “now agreed exclusivity with an investor” with the help of Dortmund-based CVM Capital Value Management GmbH headed by Mr Jörg Schuppener.

The administrators’ statement said: “We have now agreed on exclusivity with one investor. This investor came up with the best binding offer and presented the most feasible concept.”

The investor has also granted a loan in return for negotiating exclusivity in order to secure production for July as well.

Under German insolvency laws June was the last month when staff would have been paid and in light of the impending deal, it will now continue without restriction under the responsibility of the insolvency administrator. The new loan has helped to secure production until the deal is done, which is expected to be completed by the end of July.

Administrator Stefan Meyer said his team was clarifying further details of the contract.

“At the moment, we are in the process of clarifying further details of the contract. This process is very time consuming as there are still diverse and even complex issues to be solved. But we are confident that we will be able to sign the contract in the near future,” said Meyer.

The investor is described as a renowned company from the Far East, which is active on an international scale. There have been close business ties with Warendorf Die Küche for several years now.

“This is why the investor is known to be a reliable customer,” said the administrators.

Of the investor, Meyer said: “This is a good basis for achieving a feasible, long-term solution, and the concept has convinced me completely.”

Warendorf Die Küche managing director Stefan Hofemeier commented: “I am convinced that this investor’s solution, which is currently being discussed in exclusive and final negotiations, offers our company the best prospects of success in a hotly contested market in both the medium and long term.”

Warendorf was placed into administration on March 11, citing “liquidity” problems as the reason for the proceedings.

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