Four companies have expressed interest in taking over troubled German panels manufacturer Hornitex Werke – but currently only two are serious contenders.
The business, which has a UK sales office in East Yorkshire, was put under the German equivalent of receivership in June 2001 with debts of €383m.
Insolvency administrator Dr Werner Schreiber is currently negotiating with two groups of investors – Bridgepoint Capital GmbH and Orlando Management GmbH/Bain Company – with a takeover deadline of April 1.
An offer from trade competitor Pfleiderer AG has been described as ‘too vague’ and the company has been asked for clarification. The fourth offer, from Homanit, is not being negotiated any further for the time being.
Dr Schreiber said up to 2,300 out of the existing 2,500 jobs were expected to be preserved if the group can be saved as a whole.
He said the company, which has two MDF lines, five particleboard lines and a semi-dry fibreboard line, had performed successfully in the past six months.
