Got this from a Spanish press release of "Economicadigital". IMHO, doesn't look good.
The shareholders' meeting of the company Tecnitoys, Scalextric licensee in Spain, approved last Thursday to present to the court the books of the company and urge the bankruptcy. In a turbulent meeting, representatives of International Winkler - society as industry media represent the interests of the family Arnau - imposed the measure despite strong opposition Hemisphere Investment (instrumental family company Lara) and refraining from Fornesa Thomas, another toy relevant partners.
As explained financial sources, on Monday have been informed of the decision by the partners. The surprise has been between banks, as there was a preliminary agreement renegotiation very advantageous for the company that had been negotiated in recent months.
11 million bank debt
Banks are a dozen creditors and debt totals some 11 million between direct loans and current operations, says the manager of one of the creditors. The banks financing to Tecnitoys are Banco Popular, Deutsche Bank, Banco Pastor, La Caixa, BBVA, Santander, Banesto, Catalunya Caixa, Bankia, Spain Fund, Ibercaja and Banc Sabadell.
The preliminary agreement with the banks - which included a debt relief and an overall refinancing - was practically solved and joined with all other similar financial creditors, also at a discount, in this case 50%. Similarly, the company had liquidated its entire workforce before summer agreed form.
Balance unformulated
Since the banking sector is still unknown ensures that exactly the person who presented the company, since the confrontation between the partners made no final balance to present to the court. According to the same sources, the move would address Winkler interests, and not the company or creditors. So do not give up control Winckler future Scalextric license that forced him to mortgage banking in the last refinancing.
Negotiations on behalf of the company had been carried out by the former vice president of SEPI Jordi dagger, which has declined to comment on what happened claiming that "resigned" from his position as CEO of Tecnitoys.
The question of Educa Borras
The big question now is to know what will happen to the group that was presented as lifeline of Tecnitoys and its creditors. These Educa Borras, who signed the acquisition of the business assets, inventories, molds and brand license. Education had agreed to assume the debt plus bank injected funds to cover other debts.
A bank manager who participated in the talks leading up to the decision of shareholders to Digital Economy noted that negative equity can Tecnitoys be around eight million euros. In 2011, the toy turnover worth 6.5 million, a year earlier, revenue slightly exceeded eight million.