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ÖBB: Massive Losses in Ireland
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The ÖBB had to write off € 260m because of a sale and lease-back transaction.
ÖBB: Massive Losses in Ireland / Picture: © Wikimedia Commons / NÖLB Mh [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)]
The already ailing Austrian Railways Group receives bad news from Ireland. In 2002, 160 Taurus locomotives were sold to a U.S. investor and leased back until 2029. This sale and leaseback transaction results now in a massive write off by the Austrian Federal Railways.
The background is the bad credit of Ireland, since the proceeds from the sale, which are to fund simultaneously…
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