Michael Pluta said he's looking for a buyer with not only enough money but also a long-term interest in running the 150-year-old company. Pluta, who has been appointed to oversee the company's bankruptcy reorganization, refused to reveal the names of the companies interested in buying Maerklin, but said an announcement could be made by the end of the summer.

Maerklin was founded in 1859 and today is best known for its model railways. Yet the company found itself hard hit by the global financial crisis. Maerklin filed for bankruptcy in February after it reportedly failed to receive a fresh line of credit from banks. In 2006, Maerklin was taken over by investors from Kingsbridge Capital and Goldman Sachs.

Not looking for government help

Pluta said the company is looking for a new investor willing to make a long-term commitment to the company. The current selling price is reportedly around 100 million euros ($140 million).

"I am very confident that we can sell," Pluta said Monday.

The company has announced it expects annual sales to reach 120 million euros, which would represent a slight loss. But by 2010, the company expects to post a modest 2.5 million euro profit.

To get back to profitability, Maerklin is undergoing a thorough reorganization. The company plans to close its Nuremberg factory and lay off workers at its other production facilities.

Unlike a lot of other sectors at the moment, Pluta said the company would not need government help.

"We don't need politics," he said. "We can solve our problems better on our own."

th/AP/Reuters

Editor: Susan Houlton