Francisco Gil Monzón, holder of the mercantile court 6 of Barcelona, has already opened the sale process of the production unit of Scytl, the electronic voting company that went into liquidation at the end of May with debts of around 80 million euros. After at that time reject direct sale to the Sandton Capital fund, the judge has acted very quickly, as requested by the electronic voting signature, represented in this process by Cuatrecasas.
Just a week after declaring bankruptcy and opening the liquidation, the judge issued a car on June 2, which started the sale of the production unit. Thus definitively closed the door to the direct award to Sandton, whose binding offer accompanied the request for bankruptcy filed on May 23.
The fund tried to convince the judge with an express offer that expired on May 31 and with its willingness to lend liquidity to the company immediately. But the judge was clear from the beginning: he wanted competition for the benefit of creditors – including banks, but also public institutions such as the ICO or Avança– and of the more than 130 workers. It is expected that the tender, coordinated by the bankruptcy administration that exercises Lexaudit, have the maximum concurrence.
Scytl’s business, a pioneer in electronic voting, has a very high potential demand
Leadered by Silvia Caparrós, Scytl has a highly qualified staff, is one of the world benchmarks in electronic voting systems and no one doubts that its activity will be in great demand in the immediate future. Potential buyers include venture capital funds and competitors from the same sector, such as Indra. Sources close to this company assure that it is studying the presentation of an offer.
The process will be quick, because there is a rush. The pandemic of coronavirus It has delayed a multitude of electoral processes around the world and Scytl needs liquidity to meet even the most basic payments. For that reason, the judge has established short deadlines to sell the productive unit. In the first, three weeks and which will culminate the June 22nd, potential investors will have access to a data room and they will be able to present their offers.
Subsequently, Lexaudit will evaluate them in five business days according to the established criteria – price, business knowledge, job preservation and others – and the two best offers and the third if it is not separated by more than 10% of valuation than immediately previous will go to judicial auction to make the final bid. The plan is for the entire process, for which there is a lot of interest in the market, to end in early July. At that time, the production unit will be awarded and Scytl’s business – with its patents, brands and a large part of its staff or all of it – will pass into the hands of its new owner.