The restructuring and insolvency administration firm PLUTA has successfully concluded the contract for selling the production facilities of IMTECH, a technology company for construction and industry solutions. The assets were sold to the ACS subsidiary MASA under the supervision of the Commercial Court of Madrid at a price of more than 20 million euros.
The transaction was possible because business and production operations had been maintained since the company had filed for insolvency. MASA paid the purchase price of more than 20 million euros by assuming debts and by saving on obligations incumbent on the insolvency estate in the form of redundancy payments to staff, which now do not arise since approximately 900 jobs have been saved, and finally by contributing fresh money.
IMTECH has been insolvent since 25 January 2017 and received three binding takeover bids: from MASA (subsidiary of ACS), a consortium consisting of Ditecsa and Dominion enterprises, and the venture capital firm Sherpa Capital.
The strategic goal of the law firm PLUTA, which had been selected to supervise the insolvency proceedings, was to maintain business operations so that it could sell the production facility with the legal guarantees and with the legal certainty provided by insolvency proceedings.
Áticus Ocaña, Managing Director of PLUTA Spain, emphasised that the transaction was “one of Spain’s largest sales of production facilities this year. Furthermore, it became clear that such transactions can currently be successfully concluded during insolvency proceedings – thanks to the legal certainty and procedural guarantees associated with these proceedings for all the parties, especially the creditors and the employees.”