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Insolvencies
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Gazprom Austria Inventory is Now Being Auctioned Off
The Gazprom subsidiary in Austria has become insolvent, and now its assets are being auctioned off at the Aurena auction house. The offer includes 240 exhibits and the purchase of Russian business memorabilia.
May 22, 2023

What Happened to the Russian Sberbank in Vienna after the Invasion of Ukraine?
The Russian bank Sberbank is one of the largest in Europe and has been hit hard by the European Union sanctions triggered by the Russian invasion of Ukraine. To find out what happened to its Vienna branch and whether it can continue to do business in Austria, read on.
August 10, 2022
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WKO Secretary General: Labor Market Situation Improves, But Remains Great Challenge

The secretary general of Austria's Federal Chamber of Commerce WKO recognizes a slightly positive trend in the labor market but underlines the importance of ongoing and future economic measures.
September 7, 2020


Tax Payers to Finance AvW Bankruptcy after all?

Tax payers may have to finance the bankruptcy of Carinthian financial company AvW after all, Presse daily reports in its online issue. The damage is estimated at EUR 148 million (USD 168.2 million).
June 8, 2016
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Insolvent DIY Chain BauMax Ended Its Operations

Insolvent DIY chain BauMax ended its operations completely on Friday with many stores sold to Obi of Germany. Seven stores did not attract a buyer. Some 700 employees in total are at risk of losing their jobs.
October 30, 2015


Austria: Creditors of DiTech Faced With Total Losses

The Austrian computer equipment retailer has filed for insolvency proceedings at the end of March.
May 12, 2014 · Updated: May 13, 2014; 10:55


Hypo Group: Spindelegger Still Rejects Investigation Committee

Today the opposition will call for a joint request for a parliamentary investigation committee with regard to ailing bank Hypo Group.
March 25, 2014


Austria: Opposition Criticizes Nationalization

On Thursday Finance Minister Michael Spindelegger expects a binding statement by ailing bank Hypo Group Alpe Adria about how much state aid will be required. The opposition heavily criticizes the nationalization by the Austrian state in 2009.
March 20, 2014


Serbia: Vucic Stands Good Chances of Becoming PM

Vucic is regarded new Serbian Prime Minister in the parliamentary elections.
March 15, 2014
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DiTech: Insolvency Postponed

Heavily affected computer equipement trader DiTech has to postpone filing for insolvency proceedings, which was planned today at the Commercial Court in Vienna.
March 14, 2014


Austria: IV Welcomes Government‘s Decision on Hypo

According to Kapsch, president of IV, Hypo Group’s insolvency would have meant uncertainty and damages to the reputation of the business location Austria.
March 14, 2014


Hypo Group: Decision Has Finally Been Made

The government has finally made a decision. Ailing Hypo Group Alpe Adria will be downsized through a private bad bank.
March 14, 2014


Austria/SEE: Crucial Days for Hypo Group’s Future

Today the supervisory board of ailing Hypo Group is gathering to determine the financial gap of Hypo Group and the amount required to complete the balance sheets for 2013. Moreover, a decision about the SEE network will have to be made.
March 14, 2014


Austria: DiTech to be Taken Over by Investor

Insolvent computer equipment trader DiTech is supposed to be taken over by a German investor with Polish roots.
March 13, 2014
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Austria: Who Will Pay for Hypo Group?

In the dispute around who is to pay for problem bank Hypo Group Alpe Adria Chancellor Werner Faymann intends to negotiate with the Austrian provinces about a contribution to the bank levy.
March 13, 2014


Hypo Group: Insolvency Still an Option?

The group of international advisors appointed by the Austrian government seems to have come to a different conclusion than the task force of Hypo Group Alpe Adria.
March 12, 2014


Bank Austria to Focus on Growth Markets in the Future

Because of the high value of write-offs Bank Austria, CEE affiliate of Italian UniCredit, had to face record losses amounting to € 1.6bn. CEO Willibald Cernko, however, does not consider the bank having made any mistakes in the past.
March 12, 2014


Hypo Group: Losses Expected to Run into Billions

Hypo Group Alpe Adria is expected to reveal losses of around € 2bn in the balance sheet for the business year 2013. Up to now, losses in the amount of € 1.3bn were expected.
March 12, 2014


Austria: Computer Trader DiTech Declares Insolvency

Viennese hardware computer trader DiTech has slipped into insolvency.
March 10, 2014
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Austria: Calls for Investigation Committee Get Louder

Calls for establishing a parliamentary investigation committee for Hypo Group Alpe Adria, as demanded by the Austrian opposition, are becoming louder.
March 5, 2014


Hypo Group: “Worst Thing If Government Does Not Make Decision”

According to Felderer, President of the Fiscal Council, a downgrade in the country rating must not be taken “too seriously”.
February 28, 2014


Hypo Group: Nowotny to Replace Liebscher

After Liebscher, head of Hypo Group’s task force, announced throwing in the towel Nowotny, Governor of the Austrian National Bank (OeNB), will become his successor.
February 22, 2014


Austria: Investment Banker Part of Hypo’s Expert Group

A former investment banker is supposed to support Austrian government in the Hypo Group issue.
February 21, 2014


Austrian Government Wants International Group of Experts

More and more voices for a parliamentary investigation committee for ailing bank Hypo Group Alpe Adria are being raised even within the SPÖ and the ÖVP. However, the government has other plans.
February 20, 2014
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Liebscher: Government Is to Blame

Head of Hypo Group’s Task Force Klaus Liebscher rejects being turned into the scapegoat of delaying important decisions about the downsizing of the problem bank. Instead, he points his finger to the Austrian government.
February 20, 2014


Austria: Bank Participation for Hypo Off

A participation model with Austrian banks can be ruled out for ailing Hypo Group. Instead, a more expensive version will be applied.
February 10, 2014


FMA: Hypo Group Bankruptcy Incalculable Risk

The government does not dismiss the idea of a bankruptcy of ailing Hypo Alpe Adria. However, the Financial Market Authority (FMA) has expressly warned of this form of downsizing of the state bank.
February 10, 2014


Hypo Group Alpe Adria: Bankruptcy Would Affect Foreign Investors

In case of an unorderly insolvency of the Austrian nationalized lender, not only Austrian creditors would have to absorb losses. The majority of the bondholders are German and Swiss investors.
February 6, 2014


CEE: Insolvencies Declining But Larger Effect

The number of insolvencies in Central and Eastern Europe (CEE) is declining. However, the individual insolvencies are becoming larger, as reported by French credit insurer Coface.
January 23, 2014
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Mitterlehner: „Hypo Group Must Not Burden State Budget“

Austria´s Minister of Economics underlined that the Austrian government is looking for an effective and cost-saving solution for the nationalized Lender Hypo Group Alpe Adria.
January 20, 2014


Austrian SME Suffer from Credit Shortage

The real economy benefits only partly from the low interest rates. According to Creditreform, borrowing becomes more and more difficult for small and medium-sized enterprises.
December 20, 2013


Buwog Aquires Portfolio in Berlin

Buwog has once more acquired apartments at the German real estate market.
November 20, 2013


Austria: Liquidity Problems On the Rise

This year, insolvencies and delayed payments are expected cause economic costs of 2.1% of the Austrian GDP.
September 6, 2013


Slovenia Likely to Overcome Problems in Banking Sector

Slovenia’s problems in banking sector are controllable, according to experts.
July 31, 2013
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Alpine: Financial Difficulties Existed Longer Than Assumed So Far

The crisis of insolvent construction company Alpine goes back much farther than assumed so far. The company had problems in 2009 already to settle invoices.
July 27, 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


Alpine Holding: Insolvency Proceedings Now Official

The insolvency proceedings for Alpine Holding have now officially started at the Commercial Court in Vienna. Liabilities come at € 700m.
July 2, 2013


Latvia: Euro to Be Introduced 2014

Latvia will be able introduce the Euro on January 1 2014. According to diplomats, this is what the EU Commission will recommend on Wednesday in Brussels.
June 4, 2013


Decisions About Hypo Group’s Future Still Pending

Finance Minister Maria Fekter has presented herself rather reserved after the meeting with EU Commissioner for Competition Joaquin Almunia.
April 5, 2013
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Austrian SMEs Keep on Struggling in 2013

Persistant insecurity and subdued growth expectations characterize the 1st quarter of 2013. Enterprises regard new energy efficiency policy as additional bureaucratic burden.
April 4, 2013


Meinl Needs to Reimburse Starbet Investors

The Regional High Court (OLG) in Vienna has passed the judgement that Meinl Bank has to compensate sports betting company Starbet
March 23, 2013


Austria: Hypo Group Still Sailing in Stormy Waters

Hypo Group wants a fast selling until the end of 2013. Vending of Italian and CESEE subsidiaries could take longer as the economic situation is not appealing at the moment.
March 12, 2013


Austria: Nationalizing Hypo Group Prevented BayernLB from Losses

EU Competition Commission pushes the Austrian government to shut down the loss-making Hypo Group.
March 11, 2013


Austria: Hypo Managing Board Warns of Losses

Hypo Group’s managers fear that selling the bank precipitately might lead to additional losses up to € 5bn for the bank and federal state.
March 7, 2013


Austria: New CEO for Alpine

The construction company was saved from bankrupcy and is now looking for a new CEO
March 5, 2013


Austria: Alpine Turns Out a Big Burden For FCC

The construction company has avoided bankrupcy and is save – for the time being.
March 5, 2013


Business Insolvencies Up Again

Last year, Austria has recorded 6,266 business insolvencies. Unlike 2010 and 2011, the number of insolvencies has increased.
January 15, 2013


A-Tec: Quota Reaches 39%

The insolvent A-Tec Group pays out the insolvency quota next week.
November 7, 2012


Private Insolvencies: More than 100,000 Austrians Concerned

This year, 7,000 private insolvencies were registered in Austria. According to KSV (Austrian Association of Creditors), much more people are illiquid, though.
September 28, 2012


Austrian Companies Expect Increase in Lending Costs

Due to Basel III, lending will become more expensive, many Austrian managers and entrepreneurs think.
September 27, 2012