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10
November
2008

Automa-Tech suspends all payments

France based Automa-Tech, a producer of machines for the PCB industry, has suspended all payments to creditors.
Due to the suspense of the payments, a court had started a judicial recovery procedure, said Reuters. According to media reports in France, Automa-Tech acknowledged last month that it was holding negotiations with its banking partners. The company has said that the outcome of those negotiations remained "very uncertain" in the current context. Automa-Tech has not give out any particular reason for the move, but has said it has sold 95% of its production abroad, mostly to Asia.
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