Thursday, December 8, 2016

ATU warns against panic reactions – THE WORLD

Die workshop chain ATU could be saved at the last Minute. There had been securing an agreement in principle between the parties on the future, told the “world” of negotiating circles. Thus, the Acquisition of ATU by the French chain of repair shops, Mobivia could be completed. An ATU-speaker wanted to confirm the information”, nor deny”. At midnight, a Three-week period expires, in which the ATU-owners, the landlords of the stores and the new French owners have to agree on the terms and conditions. Otherwise, an application for insolvency due to over-Indebtedness is due and payable.

ATU customer, the stored tyres, your summer or your cars in for repair submitted, in view of the uncertainty of the situation and nervous. However, in the customer center, trying to soothe the tempers: Even in the case of insolvency, the tires remained the property of the car owner, would not be so affected by a Bankruptcy. There is therefore no reason, you quickly pick up.

A liquidator who has already handled the bankruptcy of a major tire company, but nameless would like to stay, confirmed this representation in principle. Who can prove that its tires are stored, have a right to claim. “In the theoretical case of an insolvency application, the operation continues until a new solution is found. It is then, to prevent a rush of customers who want to pick up from an unfounded fear of their tires. This could be offset by special rates," he explains.

ATU tries, but everything, in order to prevent a bankruptcy scenario. Behind the Scenes, was heard on Thursday hard to get in what conditions Mobivia at the battered group of willows. The French had announced at the end of September, the Acquisition of ATU with around a billion euros in sales, with 600 branches and 10,000 employees. However, the entry of Mobivia with around 1.7 billion euros in sales came to a Halt, because between the participating hedge funds, and investors in a dispute over the purchase price, the future rent for the stores and possible payments.

Bavaria’s Economics Minister Ilse Aigner (CSU) called on Thursday for all interested Parties to reason. “I appeal to the negotiating parties, and in particular to the Management of Deutsche Bank to fulfil its social responsibility,” said Aigner, of the news Agency dpa. “I have no sympathy for that makes playing poker on the backs of the workers.” She thus plays on the special role of the largest German money house. Deutsche Bank is on the landlords side with the Dutch Lino group for a majority of the branches. 17. November, the talks with Lino had failed, first of all, what the ATU leadership came up with their lawyers to the conclusion that there is no “positive continuation forecast” for the chain, and the Three-week deadline to avert insolvency application delivery.

The Alliance from a German Bank, Lino, and hedge Fund Davidson Kempner calls for a special payment in the amount of 100 million euros from the ATU-shareholders – as a concession for lower future Rent. This is a “the Situation exploitative claim” it was on the part of the owner. Behind it is the financial investors and hedge funds, Goldman Sachs, centerbridge, Bobson and Caspian. You are supposed to have already lost more than 500 million euros of your commitment.


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