High Voltage bidding procedures for Nicole Corp. stock sale approved

By Caroline Salls

Pittsburgh, July 6 - High Voltage Engineering Corp. obtained court approval of the bidding procedures and its choice of ARK II CLO 2001-1 as the stalking horse bidder for debtor Nicole Corp.'s €10 million shares of common stock in Hveasi Holding BV, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

Nicole's shares constitute all the outstanding shares of Hveasi, which in turn owns all outstanding shares of ASIRobicon SpA.

ARK will be paid a €1 million breakup fee if it is not the high bidder.

Also, ARK will invest at least €2.5 million in ASIRobicon and purchase ASIRobicon claims against High Voltage for €7.5 million.

Bidders must make a deposit of at least €1 million or 10% of the purchase price.

Bids other than ARK's must be at least €11.2 million plus $650,000 from the previous bid and must include at least a €2.5 million commitment to ASIRobicon.

Bids are due July 19. An auction will be held on July 21, if necessary. The sale hearing will be held July 25.

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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