Pickenpack administrator hires Ernst & Young as M&A advisor

Pickenpack Europe's insolvency administrator hired the German arm of Ernst & Young to handle the sale of the group's assets.

"We hired Ernst & Young as M&A [mergers and acquisition] advisors," Friedrich von Kaltenborn-Stachau of Hamburg-based law firm Böge Rohde Luebbehuesen (BRL), who is leading the administration process, told IntraFish.

Ernst & Young will approach the first interested parties ahead of Christmas, he said.

Kaltenborn-Stachau hopes a deal will be struck by March 1.

Talking to IntraFish earlier this month, Kaltenborn-Stachau declined to share names of potential investors, saying "it is too early to reveal any details."

However,