Germany

Germany's biggest cable network provider Kabel Deutschland Holding AG said Tuesday it is interested in buying assets from peer PrimaCom AG, which may face insolvency. PrimaCom has 700,000 to 800,000 customers in the area where Kabel Deutschland operates, a Kabel Deutschland spokeswoman told Dow Jones Newswires. Germany's three major cable network companies, Kabel Deutschland, Unitymedia--a unit of Liberty Global inc.

A restructuring deal at General Motors' loss-making European carmaker Opel was signed into effect on Monday, aimed at saving 265 million euros ($325 million) in annual wage costs through 2014, labour leader Klaus Franz said. After drafting a master agreement on May 21, European union and workforce representatives from countries hosting Opel's major manufacturing plants also signed the deal with Opel Chief Executive Nick Reilly, Reuters reported.

A German court on Monday postponed its ruling on the insolvency plan of German department store chain Karstadt to next week as the search for a new investor is taking longer than expected, Reuters reported. The district court in Essen had initially planned to rule on Monday whether Karstadt's insolvency plan was viable, but postponed its decision to June 10 after a committee of Karstadt's creditors said it needed more time to assess bids. The committee originally wanted to pick an investor on Friday, but then moved the date to June 9.

Former Bundesliga club Arminia Bielefeld stand on the brink of financial ruin after the East Westphalian city rejected a rescue plan, ESPN reported. Bielefeld, who were relegated to the second division last year and failed to make an immediate return to the top flight, had sought a financial injection of almost €5 million from the city, but they failed to win a majority vote in favour of the plan on Thursday. That leaves the club, who earlier this week appointed former Germany international Christian Ziege as their new coach, on the verge of being declared bankrupt.

A decision about the future of insolvent German department store chain Karstadt could take longer than expected due to a lack of suitable offers, the insolvency administration said on Thursday. This makes it less likely that the committee will decide on a buyer on Friday as initially planned because it first has to assess the various offers, which may take longer than Friday. European buyout firm Triton and billionaire Nicolas Berggruen are still in the race to acquire the department store chain, that belonged to retail and tourism group Arcandor until it filed for insolvency last year.

Asset management company Goldsmith Capital Partners has dropped out of the bidding race for German retailer Metro's department store chain Kaufhof, Goldsmith said on Thursday. A spokesman for Metro declined to comment on the asset management company's withdrawal, but said Metro was still in talks with other interested parties, Reuters reported. He did not name names.

European buyout fund Triton plans to present a binding offer to acquire insolvent German retailer Karstadt Friday, a Triton spokesman told Dow Jones Daily Bankruptcy Review on Wednesday. The binding offer is expected amid growing doubts that Triton is still considered a serious contender for Karstadt ahead of a final bidding deadline Friday. Initial talks between Karstadt's labor union and Triton ended unsuccessfully earlier this month amid fears about potential layoffs.

U.S. celebrity fashion house BCBG Max Azria Group is backing the bid led by billionaire Nicolas Berggruen for insolvent German department store chain Karstadt, Reuters reported. A spokesman for Berggruen said on Tuesday Azria was supporting Berggruen's bid, which he launched late on Friday.

A finance consortium that owns most of the property of insolvent German retailer Karstadt will submit a bid for all 120 department stores after reaching a deal with unions over wage concessions, Bild am Sonntag reported. Highstreet, a vehicle led by Goldman Sachs, agreed in exchange to give the 25,000 strong workforce a stake of roughly 15 percent in Karstadt, making it now the frontrunner in the bidding war, according to the German Sunday weekly.

Germany's Parliament on Friday approved the country's contribution of up to €147.6 billion ($184.7 billion) to a massive €750 billion bailout from European Union countries and the International Monetary Fund for euro-zone states on the verge of a default, The Wall Street Journal reported. The Upper House of Parliament signed off on the bill after the Lower House approved it earlier Friday in a heated debate, with criticism from opposition parties. Some lawmakers of Chancellor Angela Merkel's center-right parties didn't back the measures.