Alpine: Former Employees to Receive Wages

People ♦ Published: August 27, 2013; 12:38 ♦ (Vindobona)

Almost 5,000 former employees of bankrupt construction company Alpine can feel relieved as this week the insolvency contingency fund will start with settlements. However, creditors will only be given a rate of five percent.

Alpine: Former Employees to Receive Wages / Picture: © Alpine Logo Press Photo

As a first step, wages in the amount of € 17m will be paid. At the beginning of October, severance and redundancies payments as well as leave compensations will be remunerated. This was announced by Austrian Social Minister Rudolf Hundstorfer on Tuesday during a radio interview with Ö1.

Starting from Thursday, 1,500 former Alpine employees will receive their wages. The rest of…