Dynamic Attractions to Be Sold for Two Million CAD
Der erste SFX Coaster eröffnete Anfang dieses Jahres in der Ferrari World Abu Dhabi.
(eap) In March this year, Canada-based Dynamic Technologies Group (Dynamic Group) filed for insolvency (c.f. EAP News of 24 Mar 2023) and an order was granted authorizing the Monitor, FTI Consulting, Inc., to conduct a Sales and Investment Solicitation Process (SISP), soliciting interest in and opportunities for a sale of, or investment in, all or part of the Dynamic Group’s assets and business operations.
Interested parties had time until April 28 to submit a non-binding letter of interest in all or part of the assets and business activities of Dynamic Group. As is now reported by the US business magazine Forbes, the business unit of Dynamic Attractions is to be sold to Hong Kong-based financial services company Promising Expert Limited (PEL) for some two million Canadian dollars (just under 1.4 million euros). PEL granted Dynamic a major loan in August 2022, when it lent some 16 million US dollars (just under 15 million euros) secured on its assets.
Although the asset values of Dynamic amount to approx. 31.9 million Canadian dollars (some 22 million euros), the transaction value of two million is comparatively low. The reason for this is the high amount of liabilities to PLE and other financial backers, which exist in particular due to the costly development of the innovative SFX coaster (one such ride opened earlier this year at Ferrari World Abu Dhabi, and two more are scheduled to open at Genting SkyWorlds in Malaysia (the projects are currently not progressing due to the current unavailability of financial means to complete the attractions).
Among the four bids, PEL’s credit-based bid was the highest – FTI now intends to close the SISP and proceed with the transaction to PEL, as it also appears to be the most logical step. The majority of the ride division Dynamic Attractions and Dynamic business units and the majority of its 17 employees are to be retained. The exception is the manufacturing equipment for the production of rides and attractions, which PEL will not take over. The machinery is to be sold to Infinity Asset Solutions – a company specializing in industrial machine tool auctions. Click here to read the complete article on forbes.com. ■
