A-TEC Accepts Contor Offer, Fulfils Creditor Deal
Austria's troubled A-TEC Industries has accepted an offer from Contor Industries GmbH that fulfils its deal with creditors to find an outside investor, it said on Monday, Reuters reported. It did not put a value on the deal but said payments resulting from the offers must be made no later than Sept. 30. "The payments shall, together with the funds already deposited with the trustee, enable the fulfillment of the restructuring plan quota," it said in a statement. "The strategies underlying the offers were discussed with the main financing banks and credit insurers of the divisions, and the offers were improved in line with the latters' requests." A-TEC struck a deal with creditors in December to repay 47 percent of its debts and agreed to find an outside investor. A-TEC ran into difficulties after its Austria Energy & Environment unit, which makes thermal power generation systems and environmental technologies, was forced into insolvency. Read more.