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Gobierno de España - Ministerio de Hacienda y Función Pública
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SEPI will be able to accept the agreement offer submitted by A-TEC industries and by its affiliated companies

Reference Council of Ministers

The Council of Ministers has authorized SEPI and its affiliated company COFIVACASA to accept the offer submitted on June 10th, 2011 by the Austrian group headed by the parent company A-TEC Industries AG and by its affiliated companies AE&E Austria GmbH & CO KG and AE&E Group GmbH.

The Austrian group, which currently is in a bankruptcy proceedings, has submitted to SEPI and to SEPI's affiliated company COFIVACASA an offer regarding the credit which both of them have demanded in those proceedings. The above mentioned offer consists in that an investor selected by the Austrian group by June 30th will pay to the Spanish companies EUR 35.5 M by October 1st, 2011.

Credit acknowledgement

If no deal with an investor were reached or, whether this deal were to be reached but no payment were to be made by October 1st, the Austrian group would acknowledge a credit with SEPI and COFIVACASA in their bankruptcy proceedings for the amount of EUR 53 M, preventing in this way the filing of a legal claim by these companies in the bankruptcy proceedings which are taking place in Vienna. On the above mentioned credit the corresponding liquidation quota would be applied, which currently is estimated to amount to 47% for A-TEC, 20% for AE&E Austria, and 4% for the AE&E Group.The offer has the corresponding approvals and authorizations from the respective Administrators of the bankruptcy, meeting of creditors and bankruptcy courts of each of the 3 Austrian companies.

Babcock Power España was privatized by SEPI 2001, and it was purchased by a German group which finally, and as a result of its bankruptcy, sold its stake to the Austrian group A-TEC on January 2004.

New agreement

In 2008, as the economic and financial terms contemplated in the Company's Industrial Plan had not been reached and at the request of the Spanish Chamber of Deputies, SEPI and COFIVACASA subscribed a new agreement with the A-TEC Group with the aim of making possible to reach the outstanding commitments, agreement which was authorized by the Council of Ministers on August 1st, 2008.

The Agreement included the mutual commitments of both parties, with the corresponding penalties in case of their being breached, and with a time limit set on May 31st, 2011. The credits demanded by SEPI correspond to the application of those penalties.

Bankruptcy proceedings

The 3 Austrian companies entered into bankruptcy proceedings during the last months of 2010, bringing down with them their Spanish affiliated company Babcock Power España, whose bankruptcy proceeding in Spain was authorized in January 2011.

Such a situation entails that the Agreement of the Council of Ministers taken on August 1st, 2008 cannot be fulfilled according to its terms and conditions, which makes necessary for the Government to authorize SEPI and COFIVACASA to adapt their demands against the Austrian companies to the commercial situation in which these find themselves, thus accepting an offer which has been assessed ass reasonable and proportional, taking into account, on the one hand, the high risks which they would take in case of pressing ahead with the legal proceedings and, on the other, it is in line with the prudent behavior of a public or private creditor who rightly ponders the effects of the insolvency court proceedings, as was recognized by the Treasury Counsel General.

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