Auctions & Liquidations
Private Tender Sale | Vallourec Umbilicals | Laser Welded Tube Production Equipment
Listing 2180003:Asset Disposal Process and Timelines
For the best Insight into the Asset disposal process and timelines read the Description
Tax Rate on Hammer Price: 20%
Tax Rate on Charges: 20%
Description
Vallourec Umbilicals has appointed the company Maynards to manage the process of asset selling on an exclusive basis. Maynards will be sole contracting party for any purchase of assets. The Maynards team is available to you in case of any questions, to organize appointments and for negotiations and contracting.
In the below document, you will find the main rules for the process of asset disposal. It will be divided into 2 phases:
A first phase (phase 1)
negotiated sale or tender saleof whole production modules and lines (package offer) for selected buyers interested in purchasing several assets. This phase will last 6 weeks. Selected buyers shall benefit from a right offirst offer topurchase whole lines and/or several assets as described above and must either make a binding purchase offer or sign a letter of intent, which includes a 15% non-refundable deposit of the offered purchase price, within this phase 1.We highly recommend to place best possible offers to increase the chances of winning the bid process. Maynards will focus final negotiations with the highest bidder.
A second phase (phase 2)
open for procurement of individual assets, and where only remaining assets following phase 1 will be sold. This phase will allow cherry-picking sales of equipment through online auction on www.maynardseurope.comor as tender.
During the process, potential buyers are welcome to visit the facility physically or virtually (Teams video call). Any asset or combination of asset will be considered as reserved at the benefit of an interested party only after the interested party has paid a down-payment. Such reservation can be terminated by VallourecUmbilicals/Maynards at any time. In such case the down-payment will be refunded in full within 7 days.
The process of asset collection on site will be at the sole responsibility of the buyer and will be arranged with Maynards and with the support of VallourecUmbilicals team.
Phase 1 Module or Line Offer / Package Offer
- Duration: 6 weeks starting from 24th of May 2023:
- Step 1: Due diligence by interested parties: this includes access to all details of equipment and visit of the facility (physically or virtually).
- Step 2: Any party interested willing to purchase or to reserve asset(s) shall provide aBinding Offer to Purchase or a Letter of Intentno later than 6weeks after start of Step 1
- Step 3: Final Negotiation with Maynards if required.
- Step 4: Signature of the order contract with Maynards not later than 8 weeks after start of Step 1.
- Step 5: Cash collection.
- Step 6: Equipment collection and transfer.
Phase 2: Open offers to all bidders
- Phase 2 will start at end of Phase 1 (to be confirmed). It will last until October 31, 2023.
- The remaining assets after phase 1 will be made available to all potential buyers worldwide. Each asset will then be soldindividually, noting that potential buyer will still be able to purchase several assets.
- The same process of sales is applying as in Phase 1.
Important Remarks:
Rules to succeed:
- Ultimate priority among all offers will be given to the buyer who signs the binding Offer to Purchase or the LOIin combination with the deposit.
- During phase 1 or phase 2 offer stage, an offer from one bidder including more assets than other offers from other bidders will be given priority.
- For several offers for the same asset(s), the final decision will be made on the best offer.
- In any case, Vallourec Umbilicalsreserves all its rights to accept or decline any offer.
- If some assets are not available anymore, Maynards/Vallourec Umbilicalswill inform all potential buyers accordingly.
- Any offer must include a transaction fee and VAT.
- ApplicableVAT rate is 20%.Non domestic buyers pay a 20% deposit on the purchase price. Upon receipt of proof of export, Maynards shall refund the deposit in full within 10 days.
- Transaction of assets will run through the company Maynards which has been appointed by Vallourec Umbilicalsfor this process.
- Collection and transportation will the responsibility of the buyer, under Vallourec Umbilicalsteams onsite supervision.
Contact: Mr. Adrian Matuszczak, Email: adrian@maynards.com; Tel: +49 176 305 68179
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