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ÖBB: Massive Losses in Ireland

Published: March 19, 2011; 11:38 · (Vindobona)

The ÖBB had to write off € 260m because of a sale and lease-back transaction.

ÖBB: Massive Losses in Ireland / Picture: © OEBB

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…

This article includes a total of 195 words.

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