A-TEC Administrator Sells ATB Unit To Wolong
The administrator of insolvent Austrian group A-TEC Industries has sold its ATB electrical drive division to China's Wolong group, he said in a statement on Wednesday, Reuters reported. A-TEC is being broken up and sold in parts after failing to complete a restructuring that aimed to pay off 47 percent of its debts to creditors. "A quick decision on a new owner for ATB -- in contrast to the two other divisions Mechanical Engineering and Minerals & Metals, whose liquidation is under way -- was of significant importance," administrator Matthias Schmidt said in a statement. It said Wolong's offer was the best available but gave no price for the deal. Read more.