Quelle: Banks agree on a Memorandum of Understanding

19.06.2009

[] For the time being, Quelle GmbH can continue its business operations.

A bank consortium agreed today that it is fundamentally prepared to revive the factoring program for the mail order company belonging to the insolvent Arcandor Group. A corresponding Memorandum of Understanding was signed by the banks involved on Friday. The Free State of Bavaria had previously agreed to participate in an indemnity bond between the German federal government and the German states amounting to 50 million euros.

"The continuation of Quelle is secured for the time being," said Dr. Klaus Hubert Görg, the provisional insolvency administrator for Quelle GmbH. "Thanks to the quick and constructive action taken by the Bavarian state government and the banks involved, the short-term financing of the company has a stable foundation. This gives us time to develop a sustainable concept for Quelle."

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