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Court approves Manitex asset purchase


Wednesday, 22 Jun 2011 ( #519 ) - Bridgeview, IL, United States
News Story
A Piacenza, Italy court approved a Concordato Preventivo proceeding for a Manitex International Inc subsidiary’s acquisition of certain liquidated CVS SpA assets, Manitex reported on 16 June. Earlier, a majority of CVS SpA creditors voted in favor of the proposed transaction (Forkliftaction.com News #513).

Bridgeview-based Manitex is obligated to assume certain liabilities and pay USD5.1 million in installments over three years without interest. Final documentation to transfer ownership of the assets in Rovoleti di Cadeo, Italy near Milan is anticipated to be completed in the coming weeks.

Manitex subsidiary CVS Ferrari srl began using the assets of the container-handling-equipment operation in July 2010 under a rental agreement.

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