redbaron
10-14-2005, 07:08 AM
The models where many people started their modelcollection has gone bankrupt. :(
"In regard to the liquidation of the businesses Bburago, etc. (all related entities by name). In anticipation of the sale of all the business assets, in order to establish a base (alt.: "starter") value and in order to work with the creditors to agree on a value, the interested parties must submit their irrevocable proposals to the bankruptcy court in Monza by 1 PM on October 31, subject to the following conditions:
1. The minimum sales price is fixed at 21,500, 000 euros net after (sales) taxes, reduced by the value of inventory used from September (6?) to November 21, 2005 (it’s common to allow production to continue to fill outstanding orders)
2. The offer must be accompanied by a check of 500,000 Euros issued to IBG SpA (the receiver, i.e., a specific entity with legally holds the assets for liquidation) and c.p. (???) to guaranty the obligations of the bidder.
3. In case the offers are above the (21,500,000 Euro minimum) selling price, the there will be an auction held at 4 PM on October 18 at the court in Monza, and the bids must be in minimum increments of 150,000 Euros.
4. The objects of the sale are all assets of the companies, consisting of inventory, systems, machinery, equipments, stamps, licenses, samples (models ornament?), and the BBURAGO and POLISTIL trademarks free from liens (encumbrances), all as best described in documents which will be accessible in a specific room at the central office of IBG company in Buragoa Molgora, excluding all the accounts receivable and accounts payable of the related companies. Also, the assets of the foreign companies Momocar Kft, BBurago USA Inc. and Burago France are included. (They must expect the money obtained from collecting on trade receivables will offset the payables due suppliers.)
5. The purchaser’s claims (rights) in the contracts are subordinated to the continuing operations of the business to the date of transfer (of the assets), specifically licenses, administrative rights (?), leasing contracts (related to leased equipment used by but not an owned asset of the companies)
6. The purchaser has the responsibility (burden) of removing the equipment within normal rules, and will either have to negotiate a new lease of the buildings (real property/real estate) currently occupied or will have to remove the equipment from the buildings (real property/real estate) with the responsibility to restore any part of the real property (that may have been changed during the removal of the equipment)…
7. The purchaser can make the payment of the purchase price over time, but it can’t be for a period longer than a year, the purchaser will be charged interest at the 3 month Euro interbank borrowing rate, the purchaser’s obligations have to be supported by a bank guaranty (a bank Letter of Credit?), and???
8. The company’s assets (which are being sold hereby) will be managed by a third party until November 21, after which the highest bidder can take the equipment.
9. It (the purchaser’s offer) must stipulate that the sale contract (the contract for the purchase of the assets) will be completed by November 22
10. The purchaser will have to assume responsibility for certain of the existing obligations (of Bburago) under certain laws and related to a certain trade union agreement (perhaps certain retirement benefits or termination compensation required by Italian law?).
11. The sale will not take place in case certain banks have not released their interest in the trademark Bbugaro by September 5.
Supporting information, statements, and conditions of the sale are reviewable on the website or directly with the business liquidator(receiver) Dr. Benzoni, and with Dr. Pooncini for (a review of) the legal procedures (or legal formats for bidding)."
source :arrow: www.bburagoworld.nl
"In regard to the liquidation of the businesses Bburago, etc. (all related entities by name). In anticipation of the sale of all the business assets, in order to establish a base (alt.: "starter") value and in order to work with the creditors to agree on a value, the interested parties must submit their irrevocable proposals to the bankruptcy court in Monza by 1 PM on October 31, subject to the following conditions:
1. The minimum sales price is fixed at 21,500, 000 euros net after (sales) taxes, reduced by the value of inventory used from September (6?) to November 21, 2005 (it’s common to allow production to continue to fill outstanding orders)
2. The offer must be accompanied by a check of 500,000 Euros issued to IBG SpA (the receiver, i.e., a specific entity with legally holds the assets for liquidation) and c.p. (???) to guaranty the obligations of the bidder.
3. In case the offers are above the (21,500,000 Euro minimum) selling price, the there will be an auction held at 4 PM on October 18 at the court in Monza, and the bids must be in minimum increments of 150,000 Euros.
4. The objects of the sale are all assets of the companies, consisting of inventory, systems, machinery, equipments, stamps, licenses, samples (models ornament?), and the BBURAGO and POLISTIL trademarks free from liens (encumbrances), all as best described in documents which will be accessible in a specific room at the central office of IBG company in Buragoa Molgora, excluding all the accounts receivable and accounts payable of the related companies. Also, the assets of the foreign companies Momocar Kft, BBurago USA Inc. and Burago France are included. (They must expect the money obtained from collecting on trade receivables will offset the payables due suppliers.)
5. The purchaser’s claims (rights) in the contracts are subordinated to the continuing operations of the business to the date of transfer (of the assets), specifically licenses, administrative rights (?), leasing contracts (related to leased equipment used by but not an owned asset of the companies)
6. The purchaser has the responsibility (burden) of removing the equipment within normal rules, and will either have to negotiate a new lease of the buildings (real property/real estate) currently occupied or will have to remove the equipment from the buildings (real property/real estate) with the responsibility to restore any part of the real property (that may have been changed during the removal of the equipment)…
7. The purchaser can make the payment of the purchase price over time, but it can’t be for a period longer than a year, the purchaser will be charged interest at the 3 month Euro interbank borrowing rate, the purchaser’s obligations have to be supported by a bank guaranty (a bank Letter of Credit?), and???
8. The company’s assets (which are being sold hereby) will be managed by a third party until November 21, after which the highest bidder can take the equipment.
9. It (the purchaser’s offer) must stipulate that the sale contract (the contract for the purchase of the assets) will be completed by November 22
10. The purchaser will have to assume responsibility for certain of the existing obligations (of Bburago) under certain laws and related to a certain trade union agreement (perhaps certain retirement benefits or termination compensation required by Italian law?).
11. The sale will not take place in case certain banks have not released their interest in the trademark Bbugaro by September 5.
Supporting information, statements, and conditions of the sale are reviewable on the website or directly with the business liquidator(receiver) Dr. Benzoni, and with Dr. Pooncini for (a review of) the legal procedures (or legal formats for bidding)."
source :arrow: www.bburagoworld.nl