The Koelmel brothers' bid to take over their former company is set to drag on for yet another week after they missed the November 27 deadline for the transfer of the Euros 32m purchase price.
On November 22, insolvency administrator Wolfgang Ott said that "if the confirmation by the Sparkasse Leipzig is not provided in the desired form and within the set deadline, I will make use of the agreed right of withdrawal. We owe it to our business partners and staff after the considerable turbulence of the recent weeks and months to bring calm and reliability to the operative activities of the Kinowelt Medien Group" (Screendaily, Nov 22, 2002).
Although the Euros 32m have still not been paid over, Ott issued a statement on Thursday (November 28) that he had received correspondence from the Sparkasse Leipzig by the deadline stating that there was no reason for it 'to refrain from accompanying the client' [i.e. the Koelmels' new company Neue Spielfilm Vertriebs- und Marketing GmbH].
Consequently, the creditor committee asked Ott to get clarification from the Sparkasse about the status of the bank transfer and report back by December 4.
In spite of the delays, those close to the Koelmel camp are confident that the brothers' bid will succeed.