High Voltage gets OK for €8.5 million Hivec stock sale bidding procedures

By Caroline Salls

Pittsburgh, Aug. 19 - High Voltage Engineering Corp.'s U.S. Trustee obtained approval of the bidding procedures and the choice of Aimland Technologies BV as the stalking horse bidder for the €8.5 million sale of the shares of capital stock in High Voltage Europa BV, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

High Voltage Europa is a wholly owned subsidiary of Hivec Holdings, Inc.

Under the purchase agreement with Aimland, it will pay €6.2 million for the shares and a €2.3 million dividend to Hivec before the closing of the sale.

If Aimland is not the high bidder for the shares, it will be paid a €175,000 break-up fee.

A deposit for 5% of the total bid must accompany each bid.

Each bid other than Aimland's must be for at least €8.9 million. Each successive bid must be at least €100,000 more than the previous bid.

The auction is scheduled for Sept. 19. The sale hearing will be held Sept. 20.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.