German Merkel: Arcandor Insolvency Offers Restructuring Chance
15 Juni 2009 - 12:15PM
Dow Jones News
Arcandor AG's (ARO.XE) filing for insolvency presents an
opportunity to implement restructuring moves for a better future,
German Chancellor Angela Merkel said Monday.
The filing for insolvency doesn't mean the end of the troubled
retail and tourism company, "but offers the chance for a reasonable
restructuring," Merkel said at the Day of Germany's Industry,
organized by the BDI Federation of German industries.
She added that the decisions to let the retailer file for
insolvency and help bail out General Motors Corp.'s (GMGMQ) German
unit Adam Opel GmbH were right and she wouldn't have decided
differently had Germany not been in the middle of election
campaign.
She said Arcandor hadn't met the conditions required for
government aid to be offered to companies hit by the financial
crisis.
-By Andrea Thomas, Dow Jones Newswires; +49-(0)30-2888-4126;
andrea.thomas@dowjones.com