GMUND, Austria -- Baumann Dekor, a division of the family-run Bruder Baumann textile business, declared bankruptcy on June 28 and hopes to reemerge without debt, according to Christine Seidl, who became managing director of the company in January.

"Although we have a very good order situation, the banks were not prepared to take over the costs of a comprehensive restructuring," said Seidl. "Efforts are now being made to find an investor to re-start the company."

Siedl also confirmed that the company has already received several "very good offers" from investors and will work with the liquidator to ensure the survival of the company under a new owner so that the production site is maintained and current and future orders can be executed.