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Business rescue ruled out, ATE now seeks international investors

19 Jun 2012

According to a defenceWeb report, Advanced Technologies and Engineering (ATE) board of directors is negotiating with a number of international investors from the aviation industry who are interested in investing in ATE. Such investments, the company said in a statement, would enable ATE to be restored to full health and make an offer to creditors, suppliers and stakeholders, "which will surpass the offer in the former so called business rescue plan to a significant and material degree."

This follows a judgement by the North Gauteng High Court concerning ATE South Africa and its shareholders. ATE has not been allowed to implement business rescue proceedings to resuscitate the company. On June 6, the judgement declared that the resolution passed by ATE in September last year to commence Business Rescue Proceedings has lapsed and become a nullity (as if it never existed), and then in a statement ATE said that applications to appeal the judgement were dismissed on June 13, defenceWeb reports.

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