* Investor group says wants out of purchase contract
* Insolvent Loewe says considering legal action
* Investors had planned to cut quarter of jobs
* Loewe in talks with new investor
(Adds further comment from Loewe on new talks, German paper on
FRANKFURT, Feb 24 Insolvent German television
maker Loewe is looking for a new partner to salvage
the company after a group of investors said they wanted to pull
out of a deal to purchase some of its assets and keep the brand
A group of investors, including a former senior manager at
Apple and Bang & Olufsen, said in January they
would buy Loewe's core television business for an undisclosed
But Loewe said on Monday the investors had informed it of
plans to withdraw from the contract.
Loewe, started by brothers Siegmund and David Ludwig Loewe
in 1923, first sought protection from creditors in July and then
filed for insolvency in October after a strategy to combat the
economic downturn by focusing on premium customers backfired.
It called on Monday on the investors to complete the deal
and said it did not believe there was any legal basis for them
to withdraw from the purchase contract and that it is
considering legal action.
It said, though, it had already started talks with another
investor and that the party in question had put forward a
promising offer during Loewe's previous investor hunt.
"If we can reach an agreement quickly, we may yet be able to
secure the future of Loewe," finance chief Rolf Rickmeyer said
in a statement.
Consumers in Europe, where Loewe generates 97 percent of its
sales, have shied away from paying between 1,000 euros and 5,000
euros ($1,400-$6,900) for flat-screen TV sets, as Samsung and LG
Electronics among other rivals presented far cheaper mass-market
The investors, led by real estate entrepreneurs Constantin
Sepmeier and Stefan Kalmund, had planned to cut around a quarter
of jobs at the company and pitch the brand to younger consumers
in Europe, Russia and China.
They were not immediately available for comment on Monday.
Loewe's management hope creditors will agree to give them
more time for the search for a new investor at a meeting due to
be held on Tuesday, German paper Frankfurter Allgemeine Zeitung
reported in an advance excerpt of an article to be published on
($1 = 0.7285 euros)
(Reporting by Victoria Bryan; Additional reporting by Jens
Hack; Editing by David Goodman and David Evans)