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Sep. 03, 2008
High Purchase Prices Offered for THIELERT
Lichtenstein/Saxony, September 3, 2008. After expiration of the first offering period on August 22, the insolvency manager of THIELERT Aircraft Engines GmbH has received several purchase price offers from well-known investors. In some cases the offers even exceed initial expectations. Moreover, in recent weeks a number of other new prospective customers have expressed their interest as well. Thus the deadlines have been accordingly extended for the latter.
The decisive phase in the multi-phase process of finding a suitable investor has now begun. In the next step those prospective investors whose concepts and purchase price offers best correspond to the interests of the creditors and the company will be given the opportunity to thoroughly examine the company (due diligence). Thus the representatives of prospective purchasers will be given access to a "data room" with complete information about THIELERT Aircraft Engines GmbH. Following this due diligence procedure, the respective offers will then be made more concrete. After that, the actual purchase negotiations will begin.
"It is satisfying that so many offers that do justice to the real value of the company have been submitted," commented insolvency administrator Dr. Bruno M. Kübler. Kübler expects that even more offers will be submitted: "Other prospective investors have expressed interest in recent weeks, and they will also be given the opportunity to participate in the bidding procedure."
In the meantime, engine production at THIELERT continues virtually without interruption. An order originating in the USA provided for a perceptible stabilization in the company’s financial situation, so that Kübler views the upcoming negotiations with prospective investors with calm: "We can offer investors an intact company that is not making losses. Even if plans are to quickly find an investor, we are not under pressure to sell at an inadequate price."