High Voltage Engineering, ASIRobicon emerge from bankruptcy

Wakefield, MA—High Voltage Engineering (HVE) Corp. reports that it and all of its U.S. subsidiaries, including ASIRobicon, have completed restructuring and recapitalization efforts, and emerged from Chapter 11 reorganization.

08/17/2004


Wakefield, MA— High Voltage Engineering (HVE) Corp. reports that it and all of its U.S. subsidiaries, including ASIRobicon , have completed restructuring and recapitalization efforts, and emerged from Chapter 11 reorganization only 163 days after initiating its bankruptcy filing.

'We're very pleased that the restructuring process has been completed. We were able to complete this challenging process due to the cooperation and participation of our customers, suppliers, channel partners, bondholders, and employees, all of whom helped reposition the company for long-term success,' says Russell Shade, HVE's CEO. 'HVE is now a considerably stronger company with significantly less debt and well positioned for continued future growth in our core markets.'

HVE says its Third Amended Joint Chapter 11 Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the District of Massachusetts on July 21, 2004. This plan requires all of HVE's 103/4% Senior Notes, amounting to $155 million plus accrued interest and due in 2004, to be converted into 97% of the firm's post-bankruptcy equity, subject to dilution, while HVE's pre-bankruptcy preferred and common stock have been extinguished. The holders of these pre-bankruptcy classes of stock will receive, in the aggregate, warrants to acquire up to 10% of the new common stock, subject to dilution. The plans also requires all trade suppliers and other unsecured creditors to be paid in full in 90 days.

In addition, as part of its emergence from Chapter 11, HVE obtained $45 million in exit financing from a lending group, which includes some of the same lenders who provided the $25 million debtor in possession financing. The incremental $20 million of proceeds will be used to fund a portion of the distributions to HVE's pre-petition creditors and provide ongoing working capital for its growth plans.

HVE owns and operates a group of technology-based manufacturing businesses that design and manufacture applications-engineered products and services. These firms include ASIRobicon, which consists of ASIRobicon S.p.A. (Milan, Italy) and Robicon Corp. (Pittsburgh, PA); Evans Analytical Group (Sunnyvale, CA), and High Voltage Engineering (Amersfoort, Netherlands).

ASIRobicon, with joint headquarters in Milan and New Kensington, PA, is one of the leading power control and power quality solutions providers to industrial markets worldwide. The firm designs, manufactures, and markets variable frequency drives, motors and generators, power control and power quality systems, and automation systems that incorporate all of these components.

Control Engineering Daily News Desk
Jim Montague, news editor
jmontague@reedbusiness.com





No comments
The Engineers' Choice Awards highlight some of the best new control, instrumentation and automation products as chosen by...
The System Integrator Giants program lists the top 100 system integrators among companies listed in CFE Media's Global System Integrator Database.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
This eGuide illustrates solutions, applications and benefits of machine vision systems.
Learn how to increase device reliability in harsh environments and decrease unplanned system downtime.
This eGuide contains a series of articles and videos that considers theoretical and practical; immediate needs and a look into the future.
Motor specification guidelines; Understanding multivariable control; Improving a safety instrumented system; 2017 Engineers' Choice Award Winners
Selecting the best controller from several viewpoints; System integrator advice for the IIoT; TSN and real-time Ethernet; Questions to ask when selecting a VFD; Action items for an aging PLC/DCS
Robot advances in connectivity, collaboration, and programming; Advanced process control; Industrial wireless developments; Multiplatform system integration
Motion control advances and solutions can help with machine control, automated control on assembly lines, integration of robotics and automation, and machine safety.
This article collection contains several articles on the Industrial Internet of Things (IIoT) and how it is transforming manufacturing.

Find and connect with the most suitable service provider for your unique application. Start searching the Global System Integrator Database Now!

Future of oil and gas projects; Reservoir models; The importance of SCADA to oil and gas
Big Data and bigger solutions; Tablet technologies; SCADA developments
SCADA at the junction, Managing risk through maintenance, Moving at the speed of data
Automation Engineer; Wood Group
System Integrator; Cross Integrated Systems Group
Jose S. Vasquez, Jr.
Fire & Life Safety Engineer; Technip USA Inc.
click me