Andritz To Pay Up To €10M For Bankrupt A-TEC Unit

Law360, New York (December 3, 2010, 1:15 PM EST) -- Andritz AG on Friday announced plans to purchase A-TEC Industries AG subsidiary AE&E Austria GmbH & Co. KG, in an offer reportedly worth up to €10 million ($13.2 million) that will see the Austrian technology group finance a bailout plan for the bankrupt unit.

Andritz, headquartered in Graz, Austria, said in a statement that it had brokered a deal late Thursday with the authorities responsible for the unit's insolvency proceedings allowing the acquisition.

The company said it will fund a bailout of the subsidiary “in coordination...
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