A-Tec Restructuring: Kovats Hands Over 25.1%

Businessn.a. ♦ Published: October 28, 2010; 13:10 ♦ (Vindobona)

The banks inject new money into the insolvent company; Kovats has no longer the majority. If restructuring fails, the banks have realization authority.

A-Tec Restructuring: Kovats Hands Over 25.1% / Picture: © Vindobona.org

Yesterday's meeting of the creditors' committee, without Kovat’s participation, concluded with an essential preliminary decision: restructuring gets underway. CEO Mirko Kovats and his partner, Christian Schmidt  hand over from 25.1% of the shares of A-Tec. With this, Kovats, who previously had a stake of 66%, loses the majority. Therefore decisions may be made without…