Creditors of bankrupt German Pellets, a maker of wood products used in heating, have decided the company should be sold as a total package rather than in pieces.
While a package sale could help employees keep their jobs, investors would have only a remote chance of seeing their money someday.
The decision came after a secret Hamburg meeting between representatives of the creditors and bankruptcy administrator Bettina Schmudde, of the law firm White & Case.
At the meeting, Ms. Schmudde told creditors that several domestic and international investors had made binding takeover offers. She didn’t identify the bidders or give details about their offers.