ELSA is still on the brink
As the Aachener Zeitung reports, the ailing graphics cards and ISDN/DSL manufacturer ELSA is now finally threatened with insolvency proceedings. As early as Friday, ELSA reported that negotiations with a possible investor had been broken off by their side.
The unknown investor insisted on a feasibility study that would have taken about two to three weeks, but the lending banks no longer wanted that long waiting. As a result, the supervisory board pushed for bankruptcy on Thursday. The ELSA AG share fell below 60 cents on Friday on the Neuer Markt and even had to be temporarily suspended from trading. By noon today, the share had recovered somewhat and was trading at over 90 cents.
As expected, this afternoon ELSA AG filed for insolvency at the Aachen district court. At ELSA, however, they are optimistic that things will continue after the insolvency proceedings. The spokesman for ELSA AG emphasized that they had a clear idea of the qualifications of the insolvency administrator. He must have experience with companies with an international focus, 'said the Elsa spokesman, noting:' It will not be easy to get Elsa back on track. Definitely a full-time job. '