German carmakers Volkswagen AG (VOW, VLKAF.PK, VKW.L) is offering to rescue Germany's Karmann, which has been in bankruptcy since April, media reports said on Sunday.
Karmann is the largest independent motor vehicle manufacturing company in Germany. Karmann is best known for its work on convertibles / cabriolets. It provides roof-components for many current cabriolet automobiles, such as the Mercedes-Benz CLK, the Renault Mégane CC, and the Volkswagen New Beetle Cabriolet.
The sharp decline in demand for cars, and financial obligations forced the German coach-builder Karmann to file for bankruptcy protection in April 2009.
The reports said that Volkswagen and Karmann have been negotiating a price for several weeks, but have not yet come to an agreement. However, Karmann is reportedly demanding more fund than Volkswagen estimated.
For comments and feedback: editorial@rttnews.com