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German kitchen furniture manufacturer Alno AG has found a buyer with investor RiverRock in what has been called a "surprising and pleasing turnaround" by insolvency administrator Prof Dr Martin Hormann of Anchor Lawyers.
Four days after the submission of a purchase, Prof Dr Martin Hormann signed a contract for the sale of “significant assets” to RiverRock which includes machinery, land and trademark rights, for the purchase price of 20million Euros.
Watling Street Advisors, acting on behalf of new owner RiverRock, intends to resume the business operations of Alno AG with the production of kitchen furniture.
The company will operate under the name Neue Alno Gmbh and will be staffed by around 410 employees, including 34 trainees.
Prof Hormann commented on the sale of Alno AG: "We are very pleased that the employees can now regain hope. Both sides have intensively and constructively worked towards a conclusion. Wiht the contract we have reached a very important stage, but we are not yet at our destination. Now we have to wait and see that important conditions are fulfilled for the contract to take effect."
These conditions include the approval of the creditors's committee, the creation of a transfer company and the approval of short-term work by the employment agency
Alno AG ceased trading on November 24 after Prof Hormann failed to find a buyer.
The liquidation of the assets not acquired by RiverRock will continue after the sale has been completed.