Insolvent German lingerie, sportswear and swimwear company Schiesser AG has announced that it will publically float its shares in 2011.
The brand will aim for a listing in the prime standard segment of the German stock exchange, having named Equinet Bank an BHF-Bank joint lead managers and bookrunners of the initial public offering (IPO).
The company’s insolvency administrator, Volker Grub, has announced that a creditors’ meeting will be held this December on an insolvency plan. The plan, which has already been submitted to court, would delay creditors’ receivables until after the IPO.
Grub told Dow Jones: "The company is coming out of insolvency strengthened and the initial public offering will provide it with sufficient financial power."
Schiesser AG, a Germany based company, has sales of around EUR150 million and around 1,900 employees. It has been in insolvency proceeding since 2009 and is reported to currently be in talks with German designer Wolfgang Joop over a possible collaboration.