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Loewe, letter of intent with investors

Loewe, letter of intent with investors

In recent days rumors had spread regarding the presentation of a bankruptcy petition by Loewe, a German company known for TV and beyond. The company says that several national and international investors have confirmed their interest in investing in Loewe AG, by signing letters of intent.

In a press release reads: By giving continuity to the restructuring plan approved at the General Meeting of Shareholders held on 31 July, Loewe AG announced that it had requested and obtained from the Commercial Court of Coburg (Germany) the opening of a bankruptcy procedure aimed at debt restructuring under self-administration. The procedure exclusively involves the Loewe AG Group Head and does not in any way concern foreign branches, including Loewe Italiana S.r.l., which continue their usual distribution activities.

The primary objective of the procedure activated is stated in the press release, that of facilitating the planned entry into the capital of one or more investors in the coming weeks, who confirmed by signing a letter of intent their concrete interest in participating in the Company.

The banks of the Group, as well as the Government of Bavaria, have further confirmed their full support in this preparatory phase for the entry of the new shareholders. The strategic partnership with the Chinese manufacturer Hisense, presented on 31 July, entered a concrete first phase from September, with the distribution through the Loewe Austria branch of the high-end TV products under the Hisense brand in the Austrian territory.

Loewe Smart Home Emtertainment System