So, bar a few crossing of Ts and dotting of Is, Heidelberg has managed to secure the necessary funding that will secure its future. Phew. Imagine the meltdown that would have ensued had Heidelberg gone bust? It doesn't even bear thinking about.

This bail-out comes at a heavy price, though, as chief executive Bernhard Schreier's statement on the outlook for the coming financial year made clear: "The enormously higher refinancing costs... will considerably burden our financial result". It's going to be fascinating to see what those costs entail, particularly the financial strings that come attached to the €300m facility coming Heidelberg's way via the German government's economic stimulus package.

The fact that the group's net loss in the year to 31 March was almost €250m (it lost €49m at the operating level before restructuring charges), and there was a €416m reversal in its free cash position to -€201m, makes it clear how horrendous things have been/are for our largest printing press manufacturer.

Which begs the question, will KBA and Manroland be far behind in the queue for state aid? Schreier made another significant comment when referring to the new financial structure: "This will secure the future, the innovative strength and technology leadership of Germany as a force in the printing press industry".

I remain convinced that some sort of coming together of German press manufacturers must be on the cards.