EANS-Adhoc: A-TEC Industries AG
A-TEC Industries AG announces commencement of
reorganisation proceedings with self-administration
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
reorganisation proceedings
20.10.2010
Vienna, 20 October 2010. The board of executive directors announces that the efforts to negotiate a refinancing of the bond (ISIN AT000499272) with due date on 2 Nov 2010, and the efforts to obtain a bridge financing have failed due to the dramatically deteriorating situation of the Australian subsidiary of the AE&E Group GmbH and the the correspondingly necessary, but so far unsuccessful negotiations with the banking syndicate regarding the continuation of the syndicated revolving guarantee facility of EUR 798 mio.
Therefore, A-TEC Industries AG has requested the commencement of reorganisation proceedings with self-administration. These proceedings have commenced today by order of the Vienna Commercial Court under file number 4 S 140/10f. The lawyer Mr. Matthias Schmidt, 1010 Vienna, Dr. Karl Lueger-Ring 12 has been appointed as supervisor.
The scope of the reorganisation proceedings is limited exclusively to A-TEC Industries AG as ultimate parent company. The board of executive directors expects that negotiations with creditors will lead to a positive conclusion of the proceedings within the statutory time limit of 90 days, that is, until 20 Jan 2011 at the latest.
Having regard to the large number of bond creditors, trustees have been appointed for each of the bonds issued by A-TEC Industries AG in order to facilitate the process for the bond creditors. Mr. Georg Freimüller, A-1080 Vienna, Alser Straße 21 has been appointed as trustee for the bond due on 2 Nov 2010 (ISIN AT0000499272), Ms. Ulla Reisch, A-1020 Vienna, Praterstraße 62-64 has been appointed as trustee for the convertible bond (ISIN AT0000A05CS2), and Ms. Susi Pariasek, A-1010 Vienna, Gonzagagasse 15 has been appointed as trustee of the convertible bond (ISIN AT00000ATEC9). These trustees will represent the respective bond creditors in the reorganisation proceedings.
end of announcement euro adhoc
Further inquiry note:
Investor Relations
Gerald Wechselauer
Phone: +43 1 22760 - 130
Email: ir@a-tecindustries.com
Press Office A-TEC Industries AG
Claudia Müller-Stralz
Pleon Publico Public Relations & Lobbying
Phone: +43-1-71786-107
E-Mail: claudia.mueller@pleon-publico.at
Branche: Holding companies
ISIN: AT00000ATEC9
WKN:
Index: ATX Prime
Börsen: Wien / Regulated free trade