SonoVTS has acquired a new investor eight weeks after filing for insolvency, allowing for continued operations.
SonoVTS CEO Franz Olbert and insolvency administrator Stefan Waldherr, who was brought on board in December, said: “We managed to bring negotiations with a new investor to a successful conclusion as quickly as possible.”
The German transmission specialist moved to its new premises in Eching in December and filed for insolvency in order to stabilise the business.
“We achieved it in record time,” said CEO Stefan Krömer. “Business operations will move to the newly established SonoVTS Media GmbH, which is backed by a private investor. SonoVTS Media will also be taking on the employees and the ongoing projects.”