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manroland Decision “Imminent”

A press release from Schneider Geiwitz & Partner, who is handling the insolvency proceedings of German pressmaker manroland, confirmed today that it has received two bids for the troubled manufacturer. “We now have two bidder concepts on the table that will be submitted to the creditors’ committee this Wednesday for a decision,” says Werner Schneider, Financial Auditor and Provisional Insolvency Administrator for manroland AG.

According to German publication Augsburger Allgemeine Zeitung, one of the bids is from U.S.-based Platinum Equity, the firm which recently purchased Quark Inc. and also digital imaging assets from Kodak. Platinum Equity is interested in all three of the manufacturer’s sites in Germany (Offsenbach, Augsburg, and Plauen) for a sum of 100 million Euro. An anonymous German investor also tendered a bid for the Augsburg plant.

“I am working under the assumption that we will be able to reach an agreement with the creditors’ representatives and the banks providing collateral on Wednesday afternoon,” said Schneider. The press release goes on to say there is a priority to preserve as many jobs as possible.