[Cologne, ] Following the investor’s failure to make payment on time, the insolvency administrator in respect of the assets of STRENESSE AG has rescinded the asset purchase agreement with Strenesse GmbH and taken over the conduct of the business.
Under the terms of the asset purchase agreement, the investor was obliged to pay the purchase price for the assets to Strenesse AG by 31 August 2016. This deadline was extended to midday today with the consent of the creditors’ committee. However, the purchase price was not paid. As a result, in order to protect STRENESSE AG and its creditors, the insolvency administrator had no alternative but to rescind the acquisition agreement.
GÖRG partner Dr. Jörg Nerlich commented "Business is going on as usual and the company is continuing to fulfill customer obligations and to pay suppliers."