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February 29, 2008 |
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PIN GROUP: Administrator Dismisses Claims of Splitting Company Bruno Kuebler, PIN Group AG's insolvency administrator, dismissed media claims that the company will likely be split up, Thomson Financial reports. The company, the report adds, is still looking for investors who will either buy the company as a whole or buy as many units as possible. Mr. Kuebler however said that talk with possible investors is not yet likely to end although he confirmed that there were many interested buyers, the report says. Headquartered in Luxembourg, PIN Group AG -- http://www.pin-group.net/ -- provides postal services across Germany. The group has more than 60 regional subsidiaries, and in 2006 became a national integrated provider by setting up an efficient nationwide distribution network. As previously reported in the TCR-Europe report, PIN Group's units filed for insolvency after Axel Springer AG, which holds a 71% stake, decided to stop funding the company. Axel Springer said the business in unviable following the German government's decision to introduce minimum wages of EUR8-EUR9.80 for the postal industry, which would PIN, which has 9,000 employees, up to EUR45 million, although "most of the costs are expected to be covered by a form of state reimbursement." |
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