A-Tec: Kovats Cancels Sale to Contor

People ♦ Published: September 28, 2011; 17:46 ♦ (Vindobona)

The Austrian conglomerate needs another € 90m in order to fulfill the restructuring plan. A new general meeting will be held.

A-Tec: Kovats Cancels Sale to Contor / Picture: © Vindobona.org

A-Tec CEO Mirko Kovats cancelled the sale of the insolvent company to Contor Industries. He withdrew his request for approval at today’s extraordinary general meeting as a consequence of an investor’s decision to pull out of the deal. Kovats argued that the offer of Contor Industries could only have been accepted as a whole. He emphasized that an amount of € 200m required to…

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