Kneissl is Insolvent

People ♦ Published: February 8, 2011; 23:24 ♦ (Vindobona)

Parts of the Austrian Kneissl group have started insolvency. Sheikh Al Jaber’s capital contribution did not take place.

Kneissl is Insolvent / Picture: © MBI International & Partners

Although repeatedly promising a capital increase of € 1.2m, Kneissl's majority owner, Sheikh Al Jaber, allowed the last deadline for the payment to pass, and is therefore the party mainly responsible for the insolvency of a large part of the business group.

After more than four years of efforts to preserve and re-position the traditional Kneissl brand, CEO Andreas Gebauer…