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Bankruptcy
Austria: Alpine Creditors Register € 2.29bn
The downfall of construction company Alpine, the biggest bankruptcy in the history of the second Republic, has not been finished yet.
August 19, 2013
Cyprus: Bailout Should Have Come Sooner
Cyprus should have applied for an EU rescue package in 2011 to avoid the restrictive terms forced on investors to ensure support, its central bank governor said yesterday.
August 14, 2013
Austria: Alpine-Energie to be Taken Over by Triton
Former affiliate of construction company Alpine Bau Alpine-Energie, which is based in Linz and was temporarily “parked” with a special company, has a new owner.
August 13, 2013
Slovenia: Stakes of at Least 80 Enterprises
The Slovenian state owns shares in at least 80 companies directly or indirectly.
August 8, 2013
Cyprus Is Showing Progress
According to estimates by its international creditors, Cyprus is showing progress at the reorganization of its state budget.
July 31, 2013
Slovenia Likely to Overcome Problems in Banking Sector
Slovenia’s problems in banking sector are controllable, according to experts.
July 31, 2013
Slovenia: Economy to Shrink Despite of Austerity Measures
Slovenian economy expected to contract 2.2 percent in 2013. Prior forecast: -1.9 percent.
July 26, 2013
Austria: 82 Percent of Alpine Employees With New Jobs
After the construction company’s bankruptcy, 82 percent of Alpine employees have found a new job again. Around 100 persons are still working on the winding up of the company.
July 25, 2013
Alpine Inable to Pay in Mid-2012 Already
Former CFO supposed to have asked Spanish parent company FCC for liquidity assistance in the amount of € 115m, otherwise “we are dead”.
July 24, 2013
Austria: Speculations About Kranebitter’s Sucessor
It is still unclear who will become new CEO of ailing bank Hypo Group. Gottwald Kranebitter will resign in mid-August.
July 12, 2013
Alpine Bankruptcy Hits Clients Hard
According to real estate experts problems for home builders have just started.
July 10, 2013
Alpine Holding to be Shut Down
The closing down of Alpine Holding is only a “formality”. According to Österreichischer Verband Creditreform (ÖVC), a credit protection association, “a restructuring of the debtor is not planned and not possible”.
July 9, 2013
Fekter: Eurozone More Stable Than A Year Ago
Austrian Finance Minister Maria Fekter has described the condition of the Eurozone as “better” than compared to a year ago.
July 9, 2013
Alpine: Enormous Credit Default Rate
The rate for Alpine creditors declines day by day while the rate of the Trade Unions is immense. Almost all employees of Alpine were looking for help and advice.
July 8, 2013
OeNB Favors Examination of Bad Bank for Hypo
The Austrian National Bank (OeNB) has, according to Govenor Ewald Nowotny, requested to examine models for the establishing of a bad bank for Hypo Group. This was announced by Nowotny on Monday
July 8, 2013
Bulgarian Interior Ministry Going Bankrupt over Mass Protests
According to Interior Minister Tsvetlin Iovchev the security of the public order at the protests has cost the taxpayers BGN 3m.
July 5, 2013
Hypo: Greens vs. Fekter
The debate about a Hypo Group has turned out a genuine match between deputy chief of the Austrian Green Party Werner Kogler and Finance Minister Fekter.
July 4, 2013
Alpine: Serbia to Withdraw from Contract
Serbia intends to withdraw from the building contracts for the construction of a highway with bankrupt Alpine within the next 15 days.
July 3, 2013
Crisis in Slovenia Might Take Longer Than Expected
According to the latest economic report by auditing firm Ernst&Young;, the financial crisis in Slovenia will take longer than expected beforehand. However, the country should still be able to avoid international bailout.
July 1, 2013
Alpine: 2,600 Jobs Secured
Social Minister Rudolf Hundstorfer assumes that a lot of Alpine employees will continue to be employed. Former CEO Schiefer announced that Alpine was “clinically dead” when he took over management in April 2013.
July 1, 2013
Austria: So Far Three Construction Companies Involved in Take-Over of Alpine
1,800 employees of bankrupt Alpine can feel relieved. In all probability three Austrian construction companies (Habau, Swietelsky and Hinteregger) will be involved in the regional rescue solution.
June 28, 2013
Slovenia Likely To Require Bailout
According to Capital Economics Ltd. Slovenia will in all likelyhood ask for a bailout to bolster its ailing banking sector in case the debt crisis in Europe should worsen.
June 28, 2013
Alpine: Work to be Resumed At Construction Sites
Time pressure grows. Work at the closed down construction sites of bankrupt Alpine it to be resumed soon.
June 26, 2013
Alpine: Biggest Bankruptcy in Austrian History
Bankrupt-gone construction company Alpine operates at 1,400 construction sites and is supposed to complete orders in the amount of € 800m. The shutting down of the enterprise has been decided.
June 25, 2013
Alpine to Be Shut Down
Bankrupt-gone construction company Alpine is facing a breaking down. After negotiations about establishing a rescue company failed, the enterprise will apply for a shutdown.
June 24, 2013
Alpine-Insolvency: 80 Companies Affected
After an analysis by credit protection association Kreditschutzverband 1870 (KSV1870), the majority of around 1,400 suppliers and subcontractors is not affected by the construction company’s bankruptcy.
June 21, 2013
Austria: Investigations on Loan to Alpine
Apparently ailing bank Hypo Group plays a role in the bankruptcy of Austrian construction company Alpine. The bank is supposed to have granted a bridge loan.
June 21, 2013
Alpine: Thousands of Jobs At Risk
Alpine’s Insolvency could cost thousands of people’s jobs. According to Social Minister Rudolf Hundstorfer, the Social Ministry would utilize all means to prevent a worst-case scenario. Alpine's affiliate in Germany is filing for bankruptcy as well.
June 20, 2013
Cyprus Demands Further Capital Aid
In a letter to the European Union, President of Cyprus Nikos Anastasiades demands further capital support for the Bank of Cyprus, the “Wallstreet Journal” reports. According to him, Cyprus’ economy depended on it.
June 19, 2013
Bankruptcy Case Mayr-Melnhof in Switzerland
In Domat/Ems, Switzerland’s biggest sawmill was supposed to be operated. The only thing left now, however, is a financial hole running in the millions. Erste Group is concerned by losses as well.
June 17, 2013
Slovenia: Bailout As An Option
Prime Minister Bratusek announced her consent to introduce fiscal rule in 2015.
June 4, 2013
Hypo: Ditz to Resign
Chairman of Hypo Group’s supervising board Johannes Ditz might soon resign, according to media reports.
June 3, 2013
Austria: Fekter’s Ambition to „Steer Hypo Group Into Safe Waters“
In the margin of the Council of Ministers, Finance Minister Maria Fekter announced that Austria will hand in the new restructuring plan for Hypo Alpe Adria Group to the EU Commission in the coming days.
May 21, 2013
Hypo to Require € 1bn This Year
The ailing banking institute Hypo Group in the province of Carinthia will need € 1bn. On Friday, the managing board of Hypo Group will present a restructuring plan to the Finance Minister.
May 17, 2013
Austrian Government Desperate to Sell Hypo Group
Without an agreement for a new plan and without more time for the selling of the Eastern affiliates, the crisis-struck banking institute Hypo Alpe Adria Group will not be able to make up the balances anymore, according to Austrian newspaper Presse.
May 16, 2013
Austria: OeNB Positive About Hypo’s Future
Issuing Bank Director Ittner is confident that it will not come to a liquidation of the ailing banking institute.
May 14, 2013
EU Commission Expects Austria to Agree To EUSD
Head of Eurogroup Jeroen Dijsselbloem expects a constructive approach of Austria in the debate about the automatice exchange of data of tax foreigners in Europe.
May 13, 2013
Austria: Hypo Group Dilemma Requires Highest Form of Diplomancy
Before the deadline of handing in the new restructuring paper, talks with the top of EU Commission are supposed to take place with Austrian politicians.
May 10, 2013
Slovenia to Raise VAT and Sell 15 State Enterpises
Slovenia has announced to put 15 state companies up for sale and raise VAT in order to acquire revenues and avoid international bailout.
May 10, 2013
EU: Hungary and Slovenia Have to Act Quickly
The European Union issued warnings to Slovenia and Hungary to move quickly.
May 6, 2013
Cyprus: Parliament to Vote on Bail-Out Package Today
Narrow majority of MPs expected to vote in favor.
April 30, 2013
Asmussen: “New Eurozone Members Will Reap Benefits of Initial Phase”
CEEs and The Crisis: Current Challenges and Benefits
April 30, 2013
„Slovenia Can Manage On Its Own“
In an interview with Austrian newspaper Kurier, President of the Slovenian Bankers Association France Arhar stresses that Slovenia is not the new Cyprus.
April 29, 2013
Austria: Green’s Motion of Censure Denied
The Green Party’s motion of censure against Finance Minister Fekter was denied by almost all parties in the National Assembly.
April 25, 2013
Austria: National Assembly to Vote on Bail-Out Package for Cyprus
In order for Cyprus‘ bail-out package to become effective, many national parliaments have to vote in favor of it. Austrian’s opposition is against it.
April 22, 2013
Rehn: Slovenia Has to Take Actions Immediatly
EU official presses Slovenia to restructure its banking industry to evade bailout.
April 19, 2013
Cyprus: Increase of Taxes Resolved
The Cyprian parliament has voted for an increase of taxes. Among other things, business taxes will increase from 10 % to 12.5 %.
April 19, 2013
S&P: More Funds For KA Finanz
Austrian major banks are performing weakly. Risks increase in CESEE countries. S&P also warns of real estate bubble in Vienna.
April 18, 2013
RBI to Take Over Bank of Cyprus Affiliate?
The Bank of Cyprus has split up with the assets of its Romanian affiliate. Apart from RBI, Banca Transilvania is a potential buyer.
April 18, 2013
First EU Bail-Out Funds for Cyprus in Mid-May
The € 10bn worth bail-out package for Cyprus will become effective in the next few weeks, according to the Irish EU Presidency.
April 17, 2013
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