Bloomberg News

Penta Investments Remains ‘Interested’ in A-Tec’s Assets

October 03, 2011

Oct. 3 (Bloomberg) -- Penta Investments Ltd., a Czech and Slovak private equity group, remains “interested” in assets of A-Tec Industries AG, a bankrupt Austrian engineering group, in case they are sold by the administrator.

“We definitely want to stay in the game if there’s a sale,” Penta’s spokesman Martin Danko said by phone in Prague today. “The sale conditions would determine what assets specifically we would be interested in.”

A-Tec Industries yesterday said its administrator Matthias Schmidt had exercised his right to start liquidating the group after it failed to raise funds required under a restructuring agreed with creditors last year.

The administrator will seek to sell all of A-Tec’s assets and pay out the proceeds exclusively to creditors, Vienna-based A-Tec said in a statement.

Penta had negotiated with A-Tec in September to buy assets directly from the company but the talks failed, Penta said on Sept. 30.

The Wiener Boerse also today suspended trading of A-Tec shares indefinitely.

--With assistance from Jonathan Tirone and Boris Groendahl in Vienna. Editor: Douglas Lytle

To contact the reporter on this story: Lenka Ponikelska in Prague at lponikelska1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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