Simbiosis considers €35m Cacaolat rescue

According to Spain's El Periódico, local investors Hiperion Capital and Victory Corporate Turnaround may also be potential suitors for the milkshake manufacturer, which is undergoing high profile bankruptcy proceedings alongside nine either Nueva Rumasa-owned businesses.

As part of the process, the owner of chocolate powder brand Cola-Cao plans to temporarily dismiss 200 of its staff, although the company's production still continues.

Prospective corporate buyers to approach the Spanish bankruptcy court include Nestle, brewer Damm, water company Vichy Catalan, Llet Nostra and Nutrexpa.

Cacaolat is expected to sell for around €35m.

Oaktree Capital was reported to be considering an investment in Nueva Rumasa earlier this year.

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• Southern Europe
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