Merckle creditors express woes

According to a German newspaper report, circulated by Pharma Adhoc, exactly 61 creditor banks are involved in the restructuring of the  Merckle empire. Also the Deutsche Apotheker- und Arztebank (Apobank) is  among the financers of the deceased entrepreneur Adolf Merckle  (Marketletters passim). The biggest cooperative primary bank in Germany,  with 100,000 pharmacists and doctors as members, is number 23 on the  list of creditors with claims of 103.0 million euros ($144.3 million).

According to information gleaned by Pharma Adhoc, particularly in the  environment of the Mannheim-based pharmaceutical wholesaler Phoenix,  Apobank has significant outstandings: three Phoenix owner companies  alone have liabilities of about 35.0 million euros, with a current  interest rate of 5.95%. Facing the complex structure, this could also  only be the top of the iceberg;  the other credits are supposed to be in  the context of the Mannheim-based European leader.

Whether, in this situation Apobank has already made or planned  write-offs could not be found out on request. In the Dusseldorf  headquarters, nobody wants to comment on the Merckle credits and the  involvement in the standstill agreement under reference to the bank  secret. Probably, the shareholders will want to know details at the  representative meeting on 19 June.