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Czech Penta suing over A-TEC sale in Austria

  16:22

Penta: Selecting Contor Industries as A-TEC investor breaches rules of Austrian co.’s restructuring plan OK’ed by Vienna Commercial Court

Spolumajitel Penty Marek Dospiva dnes nabídl akcionářům Sazky svůj plán restrukturalizace loterijní firmy. Za stoprocentní podíl nabízí svazům i garanci ročních plateb. foto: © ČTKČeská pozice

An affiliate of Penta Investments has filed a law suit in an Austrian court in a bid to block the planned sale of A-TEC Industries to Condor Industries, the Czech/Slovak equity group said Tuesday.

“Penta is convinced that selecting Contor Industries GmbH as an investor for A-TEC is seriously breaching the rules set out in the restructuring plan of A-TEC as approved by the Vienna Commercial Court and thereupon by A-TEC itself,” it said in a statement on its website.

“A number of violations prove that the search for and selection of an investor for A-TEC was not conducted in a fair and proper manner. Penta thus expects a verdict which will result in refraining A-TEC from breaching the binding rules and procedures of the restructuring plan,” the equity group said.

The suit will be filed by Vysehrad Holding B.V., a Dutch-registered affiliate of Penta. Group partner Martin Kúšik said the selection of Contor as an investor ignored and avoided rules set out in the restructuring plan and other related regulations. ‘The [A-TEC] Restructuring Plan did not allow for an intermediary that does not want to be an investor itself and is not a party to any sale and purchase agreement ...’

“The court-approved restructuring plan demanded that A-TEC search for an investor ‘for A-TEC.’ The Restructuring Plan did not allow for an intermediary that does not want to be an investor itself and is not a party to any sale and purchase agreement at all to act on behalf of other companies,” Kúšik said in a statement.

In its statement, Penta included a list of points it wanted to emphasize as evidence that the selection of Contor Industries was in breach of the approved restructuring plan:

  • Contor Industries was only entered into the companies' registry on 25 June 2011. Thus, Contor could not have provided an offer by 15 June 2011 as expressly requested by A-TEC.
  • Contor is a company established by a former employee and advisor to A-Tec, Mr. Thomas Schätti, who was a point of contact at A-Tec for all investors including Penta. He thus received confidential information on other bids, which cannot be in line with the rules of fair competition.
  • Contor did not provide a binding offer 'for A-TEC' as requested by the restructuring plan on 30 June 2011, but only served to aggregate the offers of other companies without being a party to the sale and purchase agreement itself.
  • Contor did not prove adequate financing and sufficient funds in its offer on 30 June 2011 as requested by A-TEC and the trustee.

Penta said it had met all of the requirements set out for an investor for A-Tec, and provided an initial offer in time followed by a binding offer on June 30. The offer included the proof of financing and its acceptance would allow bondholders to be paid the full 47 percent quota.

“Penta has publically declared several times its strong commitment to solve A-TEC’s financial difficulties, which we proved by extending the validity of our offer three times already,” it said.

Autor:

2. týden: Vyhrajte dobroty pro batolata v hodnotě 3 466 Kč
2. týden: Vyhrajte dobroty pro batolata v hodnotě 3 466 Kč

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