Private postal PIN Group 'could go bankrupt': German press

0 Comments | AFP, December, 2007

BERLIN (AFP) — The PIN Group, a private postal services company which will announce layoffs of more than 1,000 of its 9,000 employees, could go bankrupt. Axel Springer, Europe's biggest newspaper publisher and 65 percent owner of the group, envisages "stopping PIN payments, if necessary," reported Der Spiegel, citing sources close to the powerhouse publishing company.

Springer lawyers, who met Monday, decided to give an extension to the company to help keep it afloat, which needs 10 million euros (14.7 million dollars) according to Der Spiegel.

But Focus reported that "the most probable hypothesis" coming from the meeting will be "stopping payment" for PIN.

PIN chief Guenter Thiel, interviewed by Focus, did not exclude being let go by the Springer group....