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





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.
Each year, a panel of Control Engineering and Plant Engineering editors and industry expert judges select the System Integrator of the Year Award winners in three categories.
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.
Women in engineering; Engineering Leaders Under 40; PID benefits and drawbacks; Ladder logic; Cloud computing
Robotic integration and cloud connections; SCADA and cybersecurity; Motor efficiency standards; Open- and closed-loop control; Augmented reality
Controller programming; Safety networks; Enclosure design; Power quality; Safety integrity levels; Increasing process efficiency
This article collection contains several articles on how advancements in vision system designs, computing power, algorithms, optics, and communications are making machine vision more cost effective than ever before.
Featured articles highlight technologies that enable the Industrial Internet of Things, IIoT-related products and strategies to get data more easily to the user.
This digital report will explore several aspects of how IIoT will transform manufacturing in the coming years.

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

Cloud, mobility, and remote operations; SCADA and contextual mobility; Custom UPS empowering a secure pipeline
Infrastructure for natural gas expansion; Artificial lift methods; Disruptive technology and fugitive gas emissions
Mobility as the means to offshore innovation; Preventing another Deepwater Horizon; ROVs as subsea robots; SCADA and the radio spectrum
Automation Engineer; Wood Group
System Integrator; Cross Integrated Systems Group
Jose S. Vasquez, Jr.
Fire & Life Safety Engineer; Technip USA Inc.
This course focuses on climate analysis, appropriateness of cooling system selection, and combining cooling systems.
This course will help identify and reveal electrical hazards and identify the solutions to implementing and maintaining a safe work environment.
This course explains how maintaining power and communication systems through emergency power-generation systems is critical.
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.
Each year, a panel of Control Engineering and Plant Engineering editors and industry expert judges select the System Integrator of the Year Award winners in three categories.
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.
Women in engineering; Engineering Leaders Under 40; PID benefits and drawbacks; Ladder logic; Cloud computing
Robotic integration and cloud connections; SCADA and cybersecurity; Motor efficiency standards; Open- and closed-loop control; Augmented reality
Controller programming; Safety networks; Enclosure design; Power quality; Safety integrity levels; Increasing process efficiency
This article collection contains several articles on how advancements in vision system designs, computing power, algorithms, optics, and communications are making machine vision more cost effective than ever before.
Featured articles highlight technologies that enable the Industrial Internet of Things, IIoT-related products and strategies to get data more easily to the user.
This digital report will explore several aspects of how IIoT will transform manufacturing in the coming years.

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

Cloud, mobility, and remote operations; SCADA and contextual mobility; Custom UPS empowering a secure pipeline
Infrastructure for natural gas expansion; Artificial lift methods; Disruptive technology and fugitive gas emissions
Mobility as the means to offshore innovation; Preventing another Deepwater Horizon; ROVs as subsea robots; SCADA and the radio spectrum
Automation Engineer; Wood Group
System Integrator; Cross Integrated Systems Group
Jose S. Vasquez, Jr.
Fire & Life Safety Engineer; Technip USA Inc.
This course focuses on climate analysis, appropriateness of cooling system selection, and combining cooling systems.
This course will help identify and reveal electrical hazards and identify the solutions to implementing and maintaining a safe work environment.
This course explains how maintaining power and communication systems through emergency power-generation systems is critical.
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.
Each year, a panel of Control Engineering and Plant Engineering editors and industry expert judges select the System Integrator of the Year Award winners in three categories.
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.
Women in engineering; Engineering Leaders Under 40; PID benefits and drawbacks; Ladder logic; Cloud computing
Robotic integration and cloud connections; SCADA and cybersecurity; Motor efficiency standards; Open- and closed-loop control; Augmented reality
Controller programming; Safety networks; Enclosure design; Power quality; Safety integrity levels; Increasing process efficiency
This article collection contains several articles on how advancements in vision system designs, computing power, algorithms, optics, and communications are making machine vision more cost effective than ever before.
Featured articles highlight technologies that enable the Industrial Internet of Things, IIoT-related products and strategies to get data more easily to the user.
This digital report will explore several aspects of how IIoT will transform manufacturing in the coming years.

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

Cloud, mobility, and remote operations; SCADA and contextual mobility; Custom UPS empowering a secure pipeline
Infrastructure for natural gas expansion; Artificial lift methods; Disruptive technology and fugitive gas emissions
Mobility as the means to offshore innovation; Preventing another Deepwater Horizon; ROVs as subsea robots; SCADA and the radio spectrum
Automation Engineer; Wood Group
System Integrator; Cross Integrated Systems Group
Jose S. Vasquez, Jr.
Fire & Life Safety Engineer; Technip USA Inc.
This course focuses on climate analysis, appropriateness of cooling system selection, and combining cooling systems.
This course will help identify and reveal electrical hazards and identify the solutions to implementing and maintaining a safe work environment.
This course explains how maintaining power and communication systems through emergency power-generation systems is critical.
click me