The administrator of Quelle, the mail order unit of insolvent German retailer Arcandor, has said that it has secured financing until the end of the year, paving the way for the business to be sold.
The insolvency administrator and creditor banks came to an agreement for Quelle’s factoring, in which banks pay the company upfront for accounts receivable from customers. Quelle’s insolvency administrator said it planned to sell the business along with the remaining parts of Arcandor’s Primondo unit, of which Quelle is a part, by the end of 2009 or early 2010 and already had expressions of interest from more than half a dozen financial and strategic investors.
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