Germany's insolvent TV maker Loewe salvaged by investor group
FRANKFURT Jan 16 (Reuters) - German television maker Loewe AG said it would be taken over by a group of investors that include former senior managers at Apple and Bang & Olufsen, six months after seeking creditor protection.
German family-business entrepreneurs and executive board members at Loewe were also part of the group, which is acquiring "significant parts" of Loewe's assets.
"Continuity of the Loewe traditional brand in German hands has been secured," the company said in a statement, without disclosing financial terms.
The maker of high-end TVs sought protection from creditors in July and filed for insolvency in October after failing to keep up with mass-market rivals such as Samsung and LG Electronics amid a slide in the average price of TV sets.
The company said that under its new owners it would focus on advanced home entertainment and digital lifestyle products and expand its partnership with Chinese technology supplier Hisense . (Reporting by Ludwig Burger; Editing by Anthony Barker)