Read the latest headlines about laws, jurisdictions and court decisions in Vienna and Austria with reference to the international interest
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Austrian Economic Legal Issues and Insolvencies

Legal Success for Bank Austria

A Swiss court granted the bank’s appeal against an obligation to pay € 245m to a German public body.

December 2, 2011

Interest for A-Tec Subsidiary Brixlegg

The copper segment of the insolvent Austrian A-Tec group could find a new owner soon. An Austrian aluminum trader intends to purchase Brixlegg.

November 26, 2011

A-Tec: Investigations Against Kovats

Investigations by the Austrian Public Prosecution Authority against the CEO of A-Tec, Mirko Kovats, proceed. The suspicions are massive.

November 19, 2011

Bawag Sues Linz For € 418m

The U.S.-owned bank now sues the Upper-Austrian capital. Linz has terminated a swap contract based on Swiss Francs.

November 8, 2011

Kovats Complains against Court Order

A-Tec’s outgoing CEO challenges a court decision as he sees an infringement of his property rights.

November 3, 2011

Linz Believes in Victory Over BAWAG

The capital of the province of Upper Austria filed a lawsuit against Bawag, which is held by the U.S. investment funds Cerberus.

November 2, 2011

Sale of A-Tec Problematic

The insolvent Austrian A-Tec corporation, which is currently being dissolved, faces several problems. The sale of the remaining subsidiaries Brixlegg and Emco could be delayed.

November 2, 2011

A-Tec: Kovats to be Replaced

Mirko Kovats, CEO of the Austrian A-Tec, will be replaced from his positions in order to avoid further “disturbances”.

October 22, 2011

ATB Sold to Chinese Wolong Group

The Austrian ATB company, a former subsidiary of the insolvent A-Tec Group, goes to the Chinese engineering corporation Wolong.

October 19, 2011

U.S. Company Claims $ 25m From Andritz

The U.S. company Ovalstrapping accuses the Austrian technology Company Andritz to have copied its technologies. Andritz defends itself.

October 19, 2011

Private Insolvencies on the Rise

The number of private insolvencies rose by 6%, while the number of companies filing for bankruptcy declined by the same rate from January to September.

October 13, 2011

ATB is Optimistic to Find a New Buyer

The subsidiary of the insolvent A-Tec corporation is looking for a new owner. Now, it is important to find a quick solution.

October 10, 2011

Penta Bids for A-Tec Again

The Czech-Slovak group is still interested in an acquisition of the insolvent Austrian conglomerate and has now submitted a new offer.

October 7, 2011

Kneissl Acquired by “Friends of Sports”

The bankrupt Tyrolean ski producer is taken over by a German holding company. The brand name will be retained; the Kufstein production site will be expanded.

October 6, 2011

Kovats Blames Creditors and Penta

Mirko Kovats, CEO of the A-Tec group, makes the Czech investment group Penta and the banks responsible for the failed restructuring plan

October 4, 2011

A-Tec: Investors Call Kovats to Resign

The founder and CEO of the Austrian technology group A-Tec Mirko Kovats comes under fire. Wilhelm Rasinger from the Austrian investor´s representation asks Kovats and the liquidator Matthias Schmidt to step down.

October 3, 2011

Chinese Interest for ATB

After the collapse of the takeover of A-Tec, the subsidiary has to be sold separately. The Chinese Wolong group plans to acquire the Austrian automotive company.

October 1, 2011

A-Tec to be Dissolved

The Austrian technology company, which should have been sold as a whole, could not find a buyer. The remaining assets will now be offered separately.

October 1, 2011

Strong Decline in Company Insolvencies

The number of private insolvencies rose rapidly from January to September, while the number of companies filing for bankruptcy dropped significantly.

September 28, 2011

A-Tec: Kovats Cancels Sale to Contor

The Austrian conglomerate needs another € 90m in order to fulfill the restructuring plan. A new general meeting will be held.

September 28, 2011

Kneissl to Be Taken Over by Foreign Investor

Negotiations about the sale of the bankrupt Tyrolean ski producer are about to be concluded. Three investors from Europe and overseas are still interested in an acquisition.

September 23, 2011

Sale of A-Tec on the Brink of Failure

The Supervisory Board of the insolvent technology group wants to take up negotiations with Penta Investments again after a Pakistani investor pulled out of the deal.

September 22, 2011

FPÖ Claims New Currency Area

The chairman of the Austrian Freedom Party, Heinz-Christian Strache, calls for the creation of a “core Europe” with a new currency.

September 19, 2011

Increasing Equity Quotas of Austrian SME

The average equity quota of Austrian SME in 2009/2010 was 28%. This is an improvement against the previous years. However, 30% of SMEs are overindebted.

September 19, 2011

Austria Considers Lawsuit Against Hungary

The Austrian Minister of Foreign Affairs, Michael Spindelegger (ÖVP) threatens Hungary to file a lawsuit at the European Court of Justice. Hungary plans to stress banks massively.

September 12, 2011

Asfinag Pays First Dividend Since 2008

A pending lawsuit might cost the Austrian motorway financing company up to € 37m. Full-year profit is still expected to rise.

September 8, 2011

A-Tec Accepts Offer of Contor Industries

After several months of negotiations a decision has been made: The group will be split up, ATB and Montanwerke Brixlegg will be sold to foreign investors.

September 5, 2011

A-Tec: Kovats to Step Back by Year-End

The CEO of the insolvent Austrian group wants to finalize the deal with an investor before resigning from his position. Negotiations with Penta have been suspended.

September 1, 2011

Kneissl: Decision about Sale to Be Taken in September

Four international investors are interested in taking over the insolvent Austrian ski manufacturer. A purchase price of € 4m is expected.

August 29, 2011

A-Tec: Supervisory Board Postpones Decision to September

A decision on the sale of the insolvent conglomerate will not be taken before 2 September. Penta Investments is irritated by the offer of a competing bidder.

August 26, 2011

Kovats with New Plans for A-Tec

According to a new proposal, Penta Investments should only take over part of the Austrian conglomerate. CEO Kovats has submitted an own offer with financial support from a Pakistani billionaire.

August 24, 2011

Further Delay in Sale of A-Tec

The group’s supervisory board has asked for expert advice on the sales process. A decision might be taken at the end of August.

August 18, 2011

Sale of A-Tec Imminent – Mirko Kovats Attacks Politicians and Banks

The Austrian conglomerate’s negotiations with investors are about to be concluded. CEO Kovats criticized banks for being “no help in securing jobs”.

August 11, 2011

Penta Is Extending Offer for A-Tec

The Czech-Slovak investment group has affirmed its interest in a takeover of the Austrian conglomerate and extended the validity of its offer.

July 28, 2011

Blue Chip Energy Filed for Insolvency

The solar cell producer has abandoned production today. Asian investors are said to be interested in an acquisition of the Burgenland-based company.

July 21, 2011

voestalpine Sues EU Over Plans for Carbon Emissions

The Austrian steel company and four German competitors filed a lawsuit against the EU. They argue that CO2 emission targets are unrealistic and unachievable.

July 21, 2011

House Searches at A-Tec’s Management

Serious allegations have been made against Board Members of the Austrian conglomerate which is currently negotiating with potential investors. Eight houses have been searched.

July 20, 2011

A-Tec: Kovats Wants to Stay on Board

CEO Mirko Kovats does not want to give up control over the Austrian conglomerate. He is trying to push through a sale to his favorite bidder which would give him a role in the group.

July 15, 2011

Bankruptcy Judge Stops Production at Kneissl

The Austrian ski manufacturer continues the search for an investor. Production has been stopped by the judge in the bankruptcy proceedings.

July 14, 2011

A-Tec Received Binding Offers from Investors

Investors will need at least € 210m in order to fulfill the payout plan. Up to five potential buyers were still interested in an acquisition.

July 1, 2011

Slight Decline in Company Insolvencies

Private insolvencies are on the rise, while the number of companies filing for bankruptcy is falling moderately.

June 28, 2011

Five Investors Still Interested in A-Tec

A-Tec boss Mirko Kovats has to find a buyer for his insolvent group by June 30. Investors will need at least € 225m in order to fulfill the payout plan.

June 24, 2011

Constitutional Court Cancels Starting Date of New Capital Gains Tax

The Court has no objections to the new capital gains tax itself. Only the starting date for automatic collection by the banks was declared unconstitutional.

June 24, 2011

Bilfinger Berger to Acquire Subsidiary of AE&E

The Czech subsidiary of the insolvent plant manufacturer will become part of the German construction group Bilfinger Berger.

June 20, 2011

Atrium and Meinl Bank Agree to Stop All Legal Proceedings

The American-Israeli real estate fund and the Austrian bank reached a settlement agreement on the dismissal of all claims between them.

June 17, 2011

Record Loss for A-Tec in 2010

The insolvent company reported a loss of € 585m. Nonetheless, CEO Kovats sees a positive development and remains optimistic.

June 15, 2011

No Money from Al Jaber: Restructuring of Kneissl Has Failed

The last attempt to rescue the Tyrolian ski manufacturer has failed as majority owner Al Jaber has not transferred the € 2.1m necessary to continue business. The company will be liquidated.

June 15, 2011

AUA: Broken Al-Jaber-Deal Has Consequences

One former and one current board member of the airline were sentenced to penalty payments for not having provided information to the shareholders.

June 9, 2011

Swedish Investor Buys Insolvent JoWood

The Austrian computer game producer will resume business after its acquisition. A payout plan ratio for the creditors has not yet been determined.

June 6, 2011

Kneissl: Creditors Accept Restructuring Plans

Al Jaber has to pay € 2m into an escrow account before June 15. Otherwise, the Tyrolian company will be liquidated.

June 1, 2011