kb-network    News 17 Jan 2018

Alno AG employees “can now regain hope,” says Insolvency Administrator Martin Hörmann

After ceasing trading on the 24th of November 2017, Alno AG employees were left in a difficult place. Now investor, RiverRock, has acquired the German kitchen furniture manufacturer for 20 million Euros in what Professor Hörmann described as a “surprising and pleasing turnaround.”

The contract for the sale of significant assets to RiverRock included machinery, land and trademark rights, for the purchase price of 20 million EUR.

Prof Hörmann commented: “We are very pleased that the employees can now regain hope. Both sides have intensively and constructively worked towards a conclusion. With 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’ committee, the creation of a transfer company and the approval of short-term work by the employment agency.

Watling Street Advisors, acting on behalf of RiverRock, intend to resume the business operations of Alno AG, making kitchen furniture under the name of Neue Alno Gmbh.

Alno AG | alno.de