GERMANY - The purchase contract for key assets of insolvent German Kitchen Furniture manufacturer Alno by British RiverRock was concluded.

According to the announcement made by Alno’s insolvency administrator Prof. Dr Martin Hörmann on 5 January following the fulfilment of all the remaining condition precedent for the validity of the contract signed by Alno and RiverRock on 18 December. The transaction was completed with effect from 1 January. As such, all of the assets stated in the purchase contract, such as machines, land, and brand rights, have passed into the hands of RiverRock as part of a reorganization by transfer.

Andreas Sandmann, managing director of Neue Alno GmbH, had previously reported on 2 January that 320 employment contracts have been concluded. Roughly 30 contracts have not been returned yet. According to Sandmann, the manning levels required for resuming business operations have been reached and the functional capability of the individual sections and departments assured with the employment contracts concluded so far.