Manitex Receives Approval from Creditors to Purchase CVS Assets
Manitex International Inc., Bridgeview, Ill., has been notified that a majority of the creditors of CVS SpA has voted in favor of a proposal to allow Manitex's subsidiary, CVS Ferrari srl, to purchase certain assets of CVS SpA from the court.
Since July 2010, Manitex's subsidiary CVS Ferrari srl has been utilizing certain assets of CVS SpA under a rental agreement approved through the Italian, Concordato Preventivo proceeding. Recently, a majority of the creditors of CVS SpA approved the final liquidation plan for CVS SpA, which includes the purchase by Manitex's subsidiary, CVS Ferrari srl. of assets including certain drawings, designs, and equipment of CVS SpA. The final Court approval and legal documentation is anticipated to be completed during the third quarter of 2011.
"We are very pleased with the completion of the next step in the process, and now, with the approval of the creditors secured, we expect to complete the transaction in the near future," said David Langevin, chairman and CEO of Manitex. "During the past year, through our rental of the CVS assets, we have learned a great deal about this business area, and have been gratified by the positive results our subsidiary, CVS Ferrari srl, has achieved. We are hopeful that the acquisition, and full implementation of our business plan will be completed soon, and that CVS Ferrari srl will have a significant positive impact on our company as a whole."