Insolvent German mail operator PIN Group is seeking to secure a future for itself as a nationwidedelivery firm and prevent a break-up and sale of its regional subsidiaries.
German media reported today that several publishing companies were considering buying backtheir former mail delivery businesses which PIN had acquired in recent years in order to build up anationwide network.
According to a report in Handelsblatt, major media groups including Axel Springer,Holtzbrinck and Madsack, were interested in regaining control over their former subsidiaries inorder to use them to deliver free local and regional publications.
But PIN Group declared in a statement that it was still negotiating with potential investorsover a “major solution” that would allow it to remain as a single, nationwide company. “There canbe no talk of an impending break-up of the PIN Group,” declared Bruno Kübler, financialadministrator of the PIN Group holding company. “There are seriously interested parties who arealready in the process of due diligence.”
However, Kübler said he did not exclude “regional solutions” for individual locations. Therewere “numerous” interested parties whose offers were currently being considered.
At the same time, most of the PIN subsidiary companies would be forced to lay off staff overthe next few weeks as payment of staff salaries through insolvency funds expired, he said.
