Siemens Benq Mobile Bankrupt Again - to be sold on ebat

[dellite]

It's all over. From Siemens to BenQ- Siemens, attempts to find an investor for bankrupt BenQ Mobile have failed. The potential buyer wasn't disclosed.

Siemens agreed to sell its money-losing mobile phone manufacturing business to Taiwan's BenQ Corp. in June 2005, due to disappointing world sales of its handsets and high product costs. But in August 2006, the new owner announced plans to cease investment in the German sites after concluding they were uneconomic.

After "intensive inquires and market analysis," the last potential buyer withdrew its interest in buying the company, conceding that a profitable continuation of the BenQ Mobile's handset business was "not realistic,". hey for 10 bucks I'll buy it. The insolvency administrator plans an auction to sell BenQ Mobile's assets, including real estate, machinery, and patents. I'll buy some cheap phones and sell them to you guys.

The assets are going to be sold off in pieces since no buyer could be found that the company's creditors considered suitable. Assets like office furniture and computers are being sold off on Ebay.

The company says that as many as 500 of the 3000 employees that are losing their BenQ Mobile jobs have already found other work. Many of these employees had to take pay cuts when their company was first sold to BenQ in June, 2005. In return for giving up its Siemens Mobile unit, Siemens receive a 2.5% stake in BenQ. In August of 2006 BenQ said that it would no longer support its newly acquired mobile phone company which led to Munich based BenQ Mobile filing for bankruptcy September of last year in a German court.