The
company’s
position
has
deteriorated
dramatically
since
late
July,
when
Sovello
said
it
was
in
advanced
talks
with
a
potential
Asian
buyer
and
indicated
that
by
laying
off
half
its
workforce
it
may
be
able
to
staunch
its
losses.
Sovello
filed
for
bankruptcy
in
May,
and
initially
requested
to
self-administer
its
insolvency
proceedings.
However,
that
request
was
rejected
several
weeks
ago
by
the
German
state
of
Saxony-Anhalt
and
Lucas
Flöther,
an
outsider,
was
brought
in
to
initiate
a
liquidation
process.
Chief
executive
and
former
chairman
Reiner
Beutel,
who
had
expressed
optimism…
