AUGSBURG, GERMANY—A press release issued yesterday explains troubled press manufacturer Manroland is very close to being sold.

"Negotiations are in the final stages for the sale of Manroland AG as part of the company's insolvency proceedings," reads the release from its insolvency administrator.

Werner Schneider, financial auditor, noted, "We now have two bidder concepts on the table that will be submitted to the creditors' committee this Wednesday for a decision." Talks with individual buyers were "complex and subject to intense time constraints."

The release said "it is safe to assume" that a sale would permit the continuation of the company's three sites in Augsburg, Offenbach and Plauen in Germany.

Schneider added, "I am working under the assumption that we will be able to reach an agreement with the creditors' representatives and the banks providing collateral on Wednesday afternoon." After that point, the release continues, "the final numbers regarding the required downsizing would also be determined with the workers' representatives."

Schneider stated he is hoping to save as many jobs as possible.

To read the full release, click here.