The insolvent wood pellet\u00a0manufacturer German Pellets GmbH may well continue its operations, according to the German media, as there are several serious prospective buyers.<\/p>\n
The insolvency administrator of the company, Bettina Schmudde, stated that there are several takeover bids from German and foreign investors, without revealing any names. Further on, negotiations will continue with the most promising bidders, as to pass German Pellets to a new owner. First for sale is the core business with three locations in Germany.<\/p>\n
According to a report by the Handelsblatt, the German wood processor\u00a0Rettenmeier\u00a0is the favorite prospective buyer. The second candidate is the papermaker pulp Rosenthal, owned by the private equity firm Mercer International.<\/p>\n
The sale will bring a low double-digit millions number. Schmudde will open the insolvency proceedings on May 1st.<\/p>\n
The company of Wismar filed for bankruptcy in February after the rescheduling of a bond due April 1, which had failed. It is one of the largest bankruptcies in Germany this year, which affected a five-digit number of investors.<\/p>\n
The price of pellets has been under pressure because the oil price crashed and two warm winters also caused the demand to decrease.<\/p>\n
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