High Voltage's $184.5 million sale of Robicon assets approved

By Caroline Salls

Pittsburgh, June 30 - High Voltage Engineering Corp. obtained approval of its $184.5 million sale of the assets of Robicon Corp. to Siemens Energy and Automation Inc., according to a Thursday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

Per the stalking horse agreement, Siemens deposited $20 million in an escrow agent.

Siemens must reimburse Robicon for cure costs of up to $2 million on any defaulted contracts.

The Robicon assets include owned and leased real estate, machinery and equipment, inventory, accounts receivable, all customer and supplier orders and commitments and books and records.

The assets also include the capital stock of Robicon's subsidiaries located in Brazil, China, Canada and the United Kingdom.

On Monday, High Voltage's U.S. Trustee asked for court approval allowing Robicon to enter into a binding term sheet with Siemens and ASIRobicon SpA, which resolves ASIRobicon claims in exchange for a €17.5 million payment from Robicon.

Because of the delay in the sale prompted by ASIRobicon's objections to the sale, the trustee agreed to reduce the purchase price for the Robicon assets to $184.5 million from $197.5 million.

High Voltage filed for Chapter 11 on Feb. 8. Its case number is 05-10787.

The New Kensington, Pa., maker of industrial power control and surface analysis products previously emerged from Chapter 11 on Aug. 10, 2004 under a restructuring that converted its 10½% senior notes to equity in the reorganized company.

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