TecChannel - a german PC site - reports that Elsa Germany has issued a press note on their disability to pay back financial loans to a total of 8 banks. These institutes have now cancelled all loan contracts with Elsa. Elsa owes 38 million ? to seven of the banks payable due to February 15th. The eigth has a contract with Elsa which is worth about another 10 million ?. If Elsa is unable to pay back the above mentioned 38 million these additional 10 will add to the deadline of the 15th of February 2002. Elsa managers are now investigating if a insolvency request should be issued. News verified by