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Munich (pte012/22.04.2003/10:15) - The German electronics manufacturer Grundig http://www.grundig.de , which filed for insolvency last week, might still have a chance to redeem its financial losses. The Turkish electronic company Beko, which had made a bid several weeks ago, has been made an offer to takeover the Nuremberg firm without its previously incurred debts, reports the newspaper Welt am Sonntag http://www.welt.de .
If this happens, about 150m euros of Grunidg's accumulated debts will remain in the creditor banks, and the Cologne Pension Security Association will take responsibility for 200m euros worth of pension-cost debts. The takeover will only come into effect if Grundig finally declares insolvency.
According to the newspaper, June is the deadline for the takeover bid, if Grundig refrains from taking out more loans for its out-standing debts. Until then, the two companies must have an official and clean business agreement.
Beko withdrew its bid for potential ownership of Grundig in early April after a considerable negotiation period. The first company interested in making a bid in March was the Tawianese company Sampo Electronics. Sampo withdrew its bid for Grundig after two months of negotiations because it couldn't secure loans from European banks.
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