# there is information about the decision of the court in this case #
15.12. Wroclaw (PAP) – The creditors of Wroclaw plants FagorMastercook agreed to be sold to the German company Bosch Siemens. The amount of the transaction is expected to be 90 million zł. FagorMastercook employs over 830 people and since February this year, is bankrupt.
As told PAP spokesman Arkadiusz Filipowski Wroclaw magistrate, on Monday, the council of creditors, which includes, among others, municipality of Wroclaw, unanimously adopted a bid FagorMastercook factory complex by Bosch and Siemens.
“In this offer, Bosch offered to buy the factory for 90 million zł, and invest in the development of 120 million zł. Not guaranteed to maintain current job, but you can expect that after the acquisition of the plant will be there to work for approx. 500 people “- said Filipowski.
He added that in order to sell, the resolution of a creditors must sustain the economic court of Wroclaw.
As the judge told PAP Jaroslaw Horobiowski, chairman of the Department of Economic Affairs VIII. Bankruptcy and restructuring proceedings in the District Court for Wrocław Fabryczna, the court issued a decision to uphold the resolution of the board of creditors.
“The decision of the court is not entitled to appeal,” – said the judge Horobiowski.
This means that Monday’s decision of the creditors is binding and the factory can be sold to Bosch and Siemens.
In FagorMastercook employs over 830 people.
In plants all the time it takes the Algerian contract manufacturing company Cevital. It made an order for the production of cookers, cooker hoods and washing machines, with a value of 86 million zł. The production will run for sure until the end of 2014.
The head of Solidarity union Bak Lech told PAP that “this little light in the tunnel across the gray of the proceedings”.
“We’ll all be released, but at least with the money from Bosch get a 9-month severance pay and people will be able to look for another job. In my opinion, only a handful of employees in the newly re able to install in the company” – said Bak .
The minimum price at which the Wrocław Commercial Court agreed in June 2014. Sell factory, amounted to 270 million zł. Proceeded to the tender, however, no bidder.
In October, the council of creditors approved the sale by price negotiations. Only then, Bosch has paid a deposit and joined to the proceedings.
FagorMastercook problems began with the suspension of production at the beginning of October 2013. Since then, the employees are on forced leave. This was related to financial problems, which experienced the Spanish company Fagor Electrodomesticos mother. Both Wroclaw factory and its Spanish ground applied for bankruptcy systemic in court in San Sebastian, which have been granted.
In February of 2014. Wrocław Commercial Court opened the secondary proceedings FagorMastercook. Because in Spain has been declared bankrupt, systemic Fagor Electrodomesticos, which includes plants in Wroclaw, Poland, it was the nature of liquidation. However, the decision of the court liquidation has been suspended for three months. It was dictated this to allow saving the company and its sale as a whole, which, according to the court should be the best option for creditors and employees.
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