Comsoft insolvent, buyers sought

The Karlsruhe, Germany-based communications business Comsoft has declared itself insolvent.

The specialist in air traffic control and air traffic management software is well known as a solution provider in the market and provides air navigation systems and services to civil and military air traffic control authorities.

In addition, a satellite communications technology subsidiary – Comsoft Satellite Services – in which Comsoft holds a 60 per cent stake filed for insolvency on the same day – October 23.

An official listing shows that in 2013 Comsoft posted a 2013 turnover of  €38.3 million, has fixed assets €14.6 million and current assets of €26.9 million. Comsoft Satellite Services posted a total output of €5 million in 2013.

Christopher Seagon has been appointed as preliminary insolvency administrator with lawyer Holger Blümle assigned to the insolvency proceedings of Comsoft Satellite Services.

In a statement made by Comsoft, the business stated that one of the most urgent tasks for the temporary administrators Seagon and Blümle is to initially stabilise the business.

“Initial discussions have already taken place and been extremely constructive,” it reports. “Seagon will make contact with the key stakeholders in the short term and in the coming weeks to determine restructuring possibilities. On the positive side, within hours of the insolvency application parties interested in the purchase of business had been in contact.”

Seagon has secured pre-financing insolvency money for Comsoft’s 250 employees, ensuring salaries are secured until further notice.

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