August 25, 2017 / 7:19 AM / in a year

Around 50 investors interested in loss making Wolford - Kurier

VIENNA, Aug 25 (Reuters) - Around 50 investors have shown an interest in buying textiles company Wolford, the Austrian group’s finance chief was quoted as saying on Friday.

Loss-making Wolford, which is in the middle of a restructuring, said in June that it was looking to sell an undefined majority stake in the company.

The interested parties are mainly from North America and Asia and include private equity investors, Chief Financial Officer Brigitte Kurz was quoted as saying by Austrian daily Kurier.

Earlier this month, the chairwoman of the supervisory board, Antonella Mei-Pochtler, resigned from her post to be able to participate in the ongoing bidding process.

Wolford reported a loss before interest and tax (EBIT) of 15.7 million euros ($18.5 million) for the year to April 30, reflecting falling demand for its luxury tights, bras and shirts.

The company has also had to deal with management changes. In July, the company’s CEO stepped down.

Wolford agreed an extension of its credit lines until end of June next year and was granted a bridge loan of up to 10 million euros in July to cover its peak seasonal liquidity requirements.

The Bregenz, western Austria-based company’s key markets are the United States, Germany, France, Austria and Britain. ($1 = 0.8481 euros) (Reporting by Kirsti Knolle. Editing by Jane Merriman)

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