Nov. 29 (Bloomberg) -- Penta Investments Ltd., a Czech and Slovak private equity group, filed a bid for the minerals and metals unit of bankrupt Austrian engineering group A-Tec Industries AG, according to spokesman Martin Danko.
“We filed a bid for the unit,” Danko said in a phone interview today without providing further comment.
A-Tec administrator Matthias Schmidt exercised his right to start liquidating the group after it failed to raise by Sept. 30 funds required under a restructuring agreed with creditors last year. Schmidt is seeking to sell all of A-Tec’s assets and pay out the proceeds exclusively to creditors.
The administrator sold 98 percent of its ATB electric drive unit to China’s Wolong Investment GmbH, a subsidiary of the Asian nation’s Wolong Group, on Oct. 19.
--Editors: Zoe Schneeweiss, Douglas Lytle
To contact the reporter on this story: Lenka Ponikelska in Prague at email@example.com
To contact the editor responsible for this story: James M. Gomez at firstname.lastname@example.org