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The future of the German business school Gisma is in the balance as the cash-strapped school begins the insolvency process. But the school is already in discussion with potential buyers, according to Sonning Bredemeier, chief executive.
Prof Bredemeier says that all students that are already enrolled on programmes at the business school will be able to finish their degrees.
Gisma, which is based in Hannover, was launched in 1999 by the state of Lower Saxony and a number of private-sector enterprises. Its flagship programmes are a portfolio of MBAs - full-time, part-time and executive (EMBA). These programmes are accredited by the London-based Association of MBAs. The school also runs a Master of Science in Industrial Administration.
The full-time MBA is run in conjunction with the Krannert school at Purdue University in the US, while its EMBA is run with a consortium of six partners, led by Krannert. The Weekend MBA, on the other hand, is run in partnership with Leibniz Universität Hannover, which will award the degree to those participants continuing in the programme - the most recent class enrolled in January 2013 and will not graduate until 2015.
A spokesperson for the Krannert school said that the US university was aware of the financial difficulties at Gisma and was working with students that had been admitted to the EMBA programme for autumn 2013. The most recent EMBA class was enrolled just three months ago, in March 2013.
Prof Bredemeier says that there were a number factors contributing to the insolvency, including a downturn in student numbers in 2012.