HWW Wienberg Wilhelm, a law firm brought in as bankruptcy administrator, says that negotiations with several potential investors have failed and Odersun must now find a buyer in order to continue as a going concern. The company is known to be behind on the wages owed to its 260 employees.

Odersun, which has received at least €13m ($17.4m) in government loans in recent years, is backed by a handful of private-equity firms, many of them based in the UK.

Among