Although a wide number of business issues has already been solved, discussions about an appropriate level of guarantees to the management are still critical.
Penta Investments, the Central European investment group has been actively participating in negotiations with the representatives of the Board of Directors of A-Tec Industries AG (A-Tec). The aim of negotiations is to agree terms and conditions of Penta participation in solving A-Tec financial difficulties. Although a wide number of business issues has already been discussed and solved, contrary to the information published in certain media last week, Penta has not decreased the amount of liabilities and guarantees claimed from the current management and the supervisory board. An appropriate level of guarantees is of crucial importance for Penta and is a critical subject of further negotiations.
Penta´s strategy for A-Tec and its divisions is aimed to provide a perspective partnership to ensure financial stability and strong commitment.
On June 30th 2011, Penta Investments submitted a binding offer for all the assets of A-Tec Industries AG. The offer was in line with formal requirements and hence its acceptance would allow the bondholders to be paid the full quota. Penta has already twice extended the validity of its offer from July 15th until the end of July and further until the end of August.