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Insolvent German Bookseller Weltbild Finds New Investor

Posted at 12:10PM Thursday 17 Jul 2014

The administrator of insolvent German bookseller Weltbild said on Wednesday he had broken off talks with investor Paragon Partners and agreed to do a deal with restructuring specialist Droege International Group instead.

Droege will participate in a 20 million euro ($27.1 million) capital increase at Weltbild and in return receive a 60 percent stake in the group, administrator Arndt Geiwitz said. It will also give Weltbild an unspecified loan.

reuters




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