At 11th Hour, Kajima Snags Austin Assets from AECOM
Kajima Corp. outbid AECOM Technology Corp. for the main assets of bankrupt Austin Co., say sources familiar with the companies.
In an auction held in Austin Co.’s attorneys’ offices in Cleveland Dec. 16th, Kajima bid significantly higher than the original $2.5 million price that AECOM had offered for Austin Co.’ s assets, the sources say. AECOM had prior to Austin Co’s October bankruptcy filing agreed to pay that amount, plus some assumed liabilities. But under the bankruptcy law companies must seek the highest amount and Rochelle Park, N.J.-based Kajima came out on top.
Kajima “intends for the company to operate independently,” says a senior staff member at Austin Co.
Los Angeles-based AECOM had already acquired some Austin Co. assets earlier this year.
|
Related Links:
×