Work-Out Transaction History
Engineering in Leicester, England, manufacturer of Knitting Machines; Assets
were acquired out of receivership. We ceased manufacturing of knitting machines, concentrated on spares
and services for the existing machines in service worldwide; rehired 80 ex-employees; added imported
products as a replacement of the old products. Sold the restructured business after one year to a
Management Buy-Out Fund.
Vilvoorde, Belgium, manufacturer of Machine Tools; Assets were acquired from the receivers. We
rehired 17 ex-employees and converted the very large inventory into machines; regenerated the
spare-parts and service business; sold the Intellectual Property Rights and dedicated Inventory for
certain Product Lines to another European Machine Tool Builder, Added Machine Tool Trading and
Rebuilding. Sold the Land and Buildings to a property developer and moved to an Industrial Site, where
the activities continued in joint-venture with another European Machinery Trading company. Ten years
later we sold our shares.
when PRB (Poudres Réunis de Belgique) went bankrupt, we purchased all assets on 3 locations.
Liquidated all defense related assets, developed the industrial sites, leased the buildings and
continued the Closed Die Forging activities in Mechelen under the name "Belgium Forge", as a supplier
to the Truck, Tractor and Construction Machinery Manufacturers. We rehired 40 ex-employees, secured
orders from most of the former customers. After 7 years we sold Belgium Forge to a Spanish Steel and
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