Baker & McKenzie has advised Beyne NV, a Belgian mechanical engineering company, on the acquisition of the "Premium Parts" segment from the bankrupt Vogel & Noot Landmaschinen GmbH & Co KG.
According to Baker & McKenzie, "with liabilities amounting to EUR 17 million, the bankruptcy of Vogel & Noot has been one of Austria's major bankruptcies this year."
In addition to the Premium Parts segment, which manufactures wearing parts), Beyne NV acquired, inter alia, two real estate assets, including the existing factory and storage buildings in Wartberg, the 100% share in the Romanian Vogel & Noot subsidiary, the entire machine stock and stock of inventory in Wartberg as well as individual IP rights in order to ensure the continued existence of the Premium Parts segment. The purchase agreements were signed on September 20, and the bankruptcy court is expected to give its consent soon.
Vienna-based Partner Wendelin Ettmayer, who led the Baker & McKenzie team advising Beyne on the acquisition, explained that: "Acquisitions of bankruptcy assets always imply work under high pressure and on the basis of limited information available. In this case, we only had two weeks to carry out the due diligence and to prepare the transaction. The additional specific challenge in connection with this project was to set up a bidding consortium with two other interested parties within these two weeks."
Ettmayer was supported by Senior Associates Julia Moser and Lukas Feiler and Junior Associates Sandra Seldte and Pablo Essenther.
