Pin Group liquidator mandated by shareholders to continue operations
The liquidator of troubled German mail services company Pin Group AG S.A., Bruno Kuebler, has been mandated to continue its business in case he fails to find a buyer for the group.
Kuebler said in a statement he is optimistic he will find a buyer for the company. He said he is still in talks with three unidentified potential buyers.
France’s La Poste walked away from talks at the end of March, according to the statement.
PIN Group ran into trouble in December when publishing group and majority stakeholder Axel Springer AG stopped funding it after the German government decided to introduce minimum wages to the postal industry. Some 40 of its 91 units have filed for insolvency.
The company in 2007 reached full-year sales of 278 million euros, below the 346 million target, and negative earnings before earnings and tax (EBIT) of 68 million.
Kuebler said in the statement PIN’s debt as part of the insolvency procedures amount to more than 200 million euros.
The liquidator of troubled German mail services company Pin Group AG S.A., Bruno Kuebler, has been mandated to continue its business in case he fails to find a buyer for the group.
Kuebler said in a statement he is optimistic he will find a buyer for the company. He said he is still in talks with three unidentified potential buyers.
France’s La Poste walked away from talks at the end of March, according to the statement.
PIN Group ran into trouble in December when publishing group and majority stakeholder Axel Springer AG stopped funding it after the German government decided to introduce minimum wages to the postal industry. Some 40 of its 91 units have filed for insolvency.
The company in 2007 reached full-year sales of 278 million euros, below the 346 million target, and negative earnings before earnings and tax (EBIT) of 68 million.
Kuebler said in the statement PIN’s debt as part of the insolvency procedures amount to more than 200 million euros.
