Consortium finalising its bid for troubled Majórica

Over 150 angry employees from the troubled Majórica pearl factory in Manacor marched on the Balearic government headquarters in Palma yesterday in protest over the suspension of payments announced this week. The Balearic government has been working hard to try and find a solution to save the flagship Majorcan company and as many jobs as possible. Balearic President Francesc Antich greeted the demonstrators, assuring them that the government will continue fighting to save people's jobs. Government sources said “within the next few days there will be positive news with regards to the company's financial problem.” But while the local government is prepared to pump more money in to salvaging the company, a group of businesspeople is interested in buying the internationally famous pearl factory. An official bid for the company is expected to be made before the end of this month which will enable the freeze on wage payments to be lifted and a plan to modernise and revive the ailing company put into operation. The local government is aware of the bid being put together by the interested party, but yesterday no government sources were prepared to comment. Antich did however give his assurances to the 150-plus workers outside his Consolat de Mar headquarters, that they will be kept abreast of all developments as quickly as possible. The government is prepared to save the company, but pointed out that before any further steps are taken, in particular underwriting the loan the management is looking to apply for, Majórica has been asked to provide the government with its accounts in order to establish just how economically viable the company is. The government's response was welcomed by staff who remain hopeful that all is not lost.