Bloomberg News

Penta Investments Files Bid for Minerals & Metals Unit of A-Tec

November 29, 2011

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 lponikelska1@bloomberg.net

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


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