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AXCEL DROPS STERLING ACQUISITION
Nov. 21, 2008 | Topic: Location and infrastructureThe capital fund Axcel announced Thursday afternoon that it will not buy the pieces of the bankrupt airline company.
“Together with several others Axcel was invited by Sterling’s insolvent estate and Sterling’s management to investigate the possibilities of acquiring the company. Within the very tight time frame given we have not been able to establish a solid and long-term business plan for the company in a responsible way. Consequently, we have decided not to continue negotiations,” writes the fund in a press release.
“We deeply regret on behalf of the employees in Sterling that we have not been able to get the company flying again. Through the intensive progress, everybody has shown exceptional commitment and will-power, and we can only give our warmest recommendations to the employees,” says Christian Frigast, Managing Partner of Axcel, and continues: ”Likewise, we would like to thank the estate for their tireless efforts in their attempt at reconstructing the company.”
Consequently, 430 employees will probably lose their jobs together with 700 who have already been disemployed.
Last Wednesday, everybody was cheering as they hoped that an acquisition agreement had been reached. Now, Axcel Capital Fund has selected to withdraw at the last moment.