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Bankruptcy

Austria: Hypo Group Insolvency Best Solution for Taxpayers

According to consulting agency Oliver Wyman, an insolvency of ailing bank Hypo Group would be the most favorable option for taxpayers as instead of domestic banks foreign banking institutes will be burdened.

December 12, 2013

Austria: Nowotny Reiterates Statement

Ewald Nowotny, governor of the Austrian National Bank (OeNB), reiterated his view on Hypo Group.

December 11, 2013

Hypo Group Alpe Adria to Receive Next Capital Injection

On Friday the ailing bank is expected to receive fresh money again in association with the extraordinary general meeting.

December 11, 2013

Hypo Group Alpe Adria: Liebscher Against Haircut

Klaus Liebscher, chairman of Hypo Group’s supervisory board, is strictly against a debt cut at the nationalized bank. He expects a decision about a bad bank only in the first quarter next year.

December 10, 2013

Austria: Insolvency of Hypo Group Still an Option

Both the center of government and the Austrian National Bank (OeNB) reject Hypo Group’s bankruptcy. However, insolvency options are currently being assessed by the Finance Ministry and the Federal Law Office.

December 4, 2013

Austria: Government Rules Out Hypo Group’s Insolvency

Chancellor Faymann referred to incalculable economic and political consequential effects due to the liabilities assumed by Hypo Group Alpe Adria.

December 3, 2013

Hypo Group: Investors Claim Refunds

A group of aggrieved investors in Hypo Group Alpe Adria files claims for damages. These so-called small investors provided amounts from € 30,000 to € 300,000 and feel disadvantaged compared to bigger investors.

November 20, 2013

RBI Approves Participation in Bad Bank for Hypo

CEO of RBI Sevelda expects Austrian government to set a time limit for bank levies until the end of 2016.

November 18, 2013

Hypo Bad Bank Not to be Established Before 2014

Insiders do not expect the downsizing unit for state-owned Hypo Group Alpe Adria to be established before 2014.

November 15, 2013

Poland: Corporate Bankruptcies Decreasing

The number of commercial bankruptcies is declining, according to data by Coface.

November 13, 2013

Austria: Downsizing Options for Hypo Group under Discussion

In the discussion about establishing a downsizing unit for ailing bank Hypo Group Alpe Adria, several possibilities are taken into account.

November 12, 2013

Leitl Rejects Further Bank Taxes

Christoph Leitl, president of the Austrian Chamber of Commerce (WKO), rejects the Finance Ministry’s plan to impose further taxes on Austrian banks in order to decrease public debts.

November 6, 2013

Austrian Banks Demand Cut in Bank Levy

Major banks in Austria demand tax reliefs in return for a participation in Hypo Group Alpe Adria’s bad bank.

November 5, 2013

Hypo Group to be Renamed after Sale

After the closing of the sale future owner of Hypo Group Alpe Adria Sanjeev Kanoria from the UK with Indian origins intends to rename Hypo Group.

October 31, 2013

Analysis - Vienna Stock Exchange on a “Sustainable Upward Trend”

After five downhill years, the Vienna Stock Exchange is finally seeing something like a silver lining.

October 30, 2013 · Updated: November 5, 2013; 18:00

Serbia: Privredna Banka to Face Bankruptcy Proceedings

National Bank of Serbia annuls the operating license from Privredna banka. Bankruptcy proceedings are ahead.

October 29, 2013

Without CESEE Business Alpine Would Still Exist

According to reports by auditor BDO and liquidator Stephan Riel, business in Austria remained profitable for insolvent construction company. If Alpine had never expanded business to CESEE it would still exist.

October 25, 2013

Austria: Bank Aids Burden State Budget

Since the beginning of the financial crisis, Austria has lost billions of Euros.

October 22, 2013

Hypo Group Reigned by Greed and Criminal Activities

In an interview with Austrian daily “Standard“ forensic expert of nationlized Hypo Group Christian Böhler revealed that former managers of the bank enriched themselves personally.

October 21, 2013

Nowotny Demands Same Rules for All Banks

Govenor Nowotny urges for a discussion about the capital requirements (Basel III) for banks, which applies only for the major banking institutes in the US but for all banks in Europe.

October 18, 2013

Austria: Alpine Bankruptcy Caused Further Enterprises to Go Bust

Alpine’s bankruptcy has caused thirteen enterprises to slip into insolvency so far. Half of the companies are currently fighting for continuation, according to credit protection agency KSV 1870.

October 16, 2013

Austria: Decisions about Hypo Group Expected This Year

Decisions about the future of problem bank Hypo Alpe Adria will in all likelihood be delayed.

October 16, 2013

Croatia: Hypo Group Losing Last Industrial Participation

Croatian chemical company Dioki is facing bankruptcy which is why Hypo Group is losing one of the last industrial participations in the country.

October 14, 2013

Austria: Alpine Holds € 52m in Assets

Creditors of Alpine have very little chances of being compensated after the construction company declared bankruptcy. Currently Alpine holds € 52m in assets.

October 9, 2013

Austria: FMA Approves of Sale of Hypo Group

The Financial Market Authority has given green light for the selling of Austrian problem bank Hypo Alpe Adria to Indian Srei Group.

October 9, 2013

Serbia Fights Against National Bankruptcy

The Serbian government has decided to implement a new austerity package. Above all, civil servants face substantial salary cuts.

October 9, 2013

World Bank: 47 Banking Crises in the Past 40 Years

47 banking crises that have struck 116 countries in the past 40 years - World Bank

October 8, 2013

Austria: Alpine’s Bankruptcy Claims Amount to € 4.15bn

In regard to construction company Alpine’s insolvency, creditors have so far registered claims in the amount of € 4.15bn, as announced by liquidator Stephan Riel in the run-up to Wednesday’s examination hearing.

October 8, 2013

Porr: Capital Increase and Rise in Profits Expected

CEO of listed Austrian construction company Porr Karl-Heinz Strauss is still in favor of a capital increase in 2014 or 2015 and calls upon the government to create “projects for the future”.

October 7, 2013

Alpine: Almost All Former Employees Have New Jobs

Because of the construction company’s bankruptcy, almost 5,000 employees lost their jobs. Currently 133 persons are still looking for a job.

September 24, 2013

Treichl: Requirements for Banks Increased Massively

According to the CEO of Erste Group, the requirements for banks have increased by three to six times. Moreover it has become harder for banks to finance small and medium sized enterprises (SME).

September 17, 2013

Leitl Recommends Parties Not to Raise Hopes

President of the Austrian Chamber of Commerce, Christoph Leitl considers the demand of the Social Democrats and Chancellor Werner Faymann for a tax relief as soon as 2015 utopian.

September 17, 2013

Austria: Enormous Amounts Could Pile Up For Hypo Group

According to Austrian daily “Standard“, the winding down of the ailing bank Hypo could be even more expensive than assumed so far. The amount of required capital reanges between € 6.2bn (until the end of 2014) and € 17bn (until 2017).

September 11, 2013

Turkish Dogus Group Not Interested in Hypo Alpe Adria

A high-ranking representative of Turkish Dogus Group denied that the corporation was interested in taking over Austrian bank Hypo Alpe Adria. In an interview with “Wall Street Journal” he claimed there had been no negotiations with Hypo.

September 10, 2013

Slovenia Shuts Down Two Small Banks

In order to ensure the stability of its financing sector, Slovenia decided to liquidate two banks, Factor Banka and Probanka. According to state officials, the step was also taken to avoid international bailout.

September 9, 2013

Croatia: New Trial for Pre-Bankruptcy Settlement

Croatia giving fourth chance to reach pre-bankruptcy settlement.

September 6, 2013

Alpine: Creditors in Austria and Poland Claim Refunds

Not only the labor market in Austria is burdened but also thousands of creditors have invested in bonds of the construction company and are now facing enormous losses.

September 4, 2013

Austria: Up to € 11.7bn for Downsizing Hypo Group

Years of discussion went by; now the EU Commission has approved the downsizing plan for nationalized Hypo Alpe Adria.

September 4, 2013

Hypo: New Risky Loan Agreements Even in 2012

According to the EU Commission, risky loans were granted by ailing Hypo Group even in 2012.

September 3, 2013

Polish Alpine Files for Bankruptcy in Vienna

More affiliates of Alpine are affected.

September 3, 2013

German Affiliate of Alpine Sold

By the selling of the German affiliate of construction company Alpine 520 out of 1,250 employees will lose their jobs.

September 2, 2013

Cyprus: Waiting for the Next Bailout Tranche

Crisis-struck member of the Eurozone Cyprus will have to wait for the next payment out of the bailout-package. Before the next tranche will be transferred the small country has to implement key measures.

September 2, 2013

Alpine: Nine out of Ten Former Employees Have a Job

90 percent of former Alpine employees have a new job. However, 404 persons are still looking for a new employment.

August 30, 2013

Massive Losses for Alpine: € 5bn in Debts

According to the reports of the insolvency administrators, reasons like a chaotic management and low-price offers that did not prove cost-covering led to massive losses in projects abroad.

August 29, 2013

Austria: Debts of Alpine Increase to € 3.7bn

Gerhard Weinhofer of creditor protection association Creditforum counts with a “micro quota” for creditors of bankrupt construction company.

August 23, 2013

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
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