AE&E: Next Insolvency is Coming Up

Published: November 25, 2010; 15:19 · (Vindobona)

A subsidiary of the insolvent AE&E group in Raaba is negotiating with the Styrian plant manufacturer Andritz. They have time until Friday.

AE&E: Next Insolvency is Coming Up / Picture: © Vindobona.org

The negotiations over the operational AE&E subsidiary are being conducted primarily with Andritz. There must be an agreement by tomorrow, otherwise the next insolvency in the A-Tec Group wil be filed, announces Hans-Georg Kantner from the KSV.

An insolvency could well be in the interest of potential investors, since they hope for a cheaper purchase. In the environment of AE&E it is being assumed that no agreement will be concluded today, but that the restructuring process shall be started. Other companies in the AE&E Group might also be sold.

AE&E Austria is financed through credit lines of its parent company, AE&E Group, but now the flow of credit has stopped. The operating performance was also positive during the crisis of 2008 and 2009; the company is therefore assessed as globally positive.

AE&E Austria GmbH & Co. KG is a manufacturer of industrial boilers and employs a staff of 400 at the locations Raaba near Graz and Vienna. Sales in 2009 stood at € 187.5 million. The company is highly profitable: its EBIT for the previous year was € 19 million, the operating profit for 2008 was € 17 million.

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