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Babcock Borsig Talks Break Down Talks to Save German Equipment Maker Babcock Borsig Break Down FRANKFURT, Germany July 8 — Efforts to rescue heavy equipment maker Babcock Borsig have broken down, officials said Monday, after banks declined to join a government drive to head off Germany`s latest high-profile corporate failure. Wolfgang Clement, the governor of North Rhine-Westfalia state, where the company is located, said creditor banks had pulled out of last-ditch talks. He said he hoped that bankruptcy court proceedings could still avoid a breakup of the firm. The Oberhausen-based maker of power, water and waste-disposal plants as well as merchant and naval ships employs 22,000 people, including 13,000 in Germany. It filed for bankruptcy on Friday. Babcock Borsig could still be restructured under a bankruptcy administrator by selling or shuttering unprofitable units so that the rest of the company can re-emerge clear of debt. Alternatively, it could be broken up. Clement defended efforts to drum up 700 million euros ($682 million) to give Babcock Borsig a second chance. "We know what it means when thousands of jobs are at stake; for that we don`t need an election campaign," Clement said. |
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| Autor (Datum des Eintrages): | donnerpower (08.07.02 19:42:45) |
| Beitrag: | 32 von 198 (ID:6827732) |
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