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Article: Germany: Quelle Admin: Banks Haven t Agreed On Factoring Financing Yet.
- Article from:
- TendersInfo
- Article date:
- September 12, 2009
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Byline: babalu03
There's still no decision on the financing of Quelle's factoring business, Thomas Schulz, a spokesman for Arcandor AG's (ARO.XE) insolvency administrator Klaus Hubert Goerg said Friday.
"The banks' boards haven't made a decision yet," he told Dow Jones Newswires. Factoring - a practice in which banks buy the outstanding accounts receivable to finance the retailer's ongoing operations - is Quelle's only source of financing.
Quelle is the mail order unit of Arcandor, which filed ...