High Voltage €8.5 million sale of Hivec unit stock approved

By Caroline Salls

Pittsburgh, Sept. 21 - High Voltage Engineering Corp.'s U.S. Trustee obtained approval of the €8.5 million sale of the shares of capital stock in High Voltage Europa BV to Aimland Technologies BV, according to a Wednesday 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.

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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