October 19, 2011 / 4:00 PM / 7 years ago

A-TEC administrator sells ATB unit to Wolong

VIENNA, Oct 19 (Reuters) - The administrator of insolvent Austrian group A-TEC Industries has sold its ATB electrical drive division to China’s Wolong group, he said in a statement on Wednesday.

A-TEC is being broken up and sold in parts after failing to complete a restructuring that aimed to pay off 47 percent of its debts to creditors.

“A quick decision on a new owner for ATB — in contrast to the two other divisions Mechanical Engineering and Minerals & Metals, whose liquidation is under way — was of significant importance,” administrator Matthias Schmidt said in a statement.

It said Wolong’s offer was the best available but gave no price for the deal. Schmidt was not immediately available for comment. (Reporting by Michael Shields; Editing by Elaine Hardcastle)

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