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Insolvencies
Kovats Remains CEO of A-Tec for the Time Being
Despite the resignation offer to the creditors Mirko Kovats, majority owner and founder of bankrupt A-Tec, stays on as CEO.
December 6, 2010
Andritz Purchases and Restructures AE&E Austria
The Styrian plant builder buys the A-Tec subsidiary for rumored € 10 million. Restructuring plan is to be financed by Andritz.
December 3, 2010
A-Tec in the Red
The insolvent Vienna Stock Exchange listed company undergoes sales declines and a negative EBIT.
November 30, 2010
A-Tec: Kovats’s Prestige Projects on the Brink
Due to the insolvency of the A-Tec Group. founder and CEO Mirko Kovats will have to give up prestigious projects such as his A-Jet.
November 29, 2010
Insolvency of AE&E
No agreement over the purchaser of the AE&E subsidiary could be reached. However, Andritz is still considered as a prospective buyer.
November 26, 2010
AE&E: Next Insolvency is Coming Up
A subsidiary of the insolvent AE&E group in Raaba is negotiating with the Styrian plant manufacturer Andritz. They have time until Friday.
November 25, 2010
Kneissl: Bankruptcy Application Possible Despite Capital Increase
The traditional Tyrolean ski manufacturer Kneissl is possibly facing lawsuits and bankruptcy applications.
November 25, 2010
AE&E Files Insolvency Application
After weeks of negotiations between AE&E's creditor and the banks, no continuation is possible. Talks ended without reaching an agreement.
November 24, 2010
AE&E: Survival Less Likely Every Moment That Goes By
While the participants at the negotiating table constantly change, bankruptcy is imminent. An A-Tec without AE&E is now being worked on.
November 22, 2010
AE&E: Staff asks for continuity concept
The staff of A-Tec's subsidiary AE&E (Austrian Energy & Environment) call on the negotiators in the restructuring process to ensure continuity.
November 17, 2010
AE & E: No Agreement on Sale Talks
No agreement could be reached with the interested party from Hong Kong. The search for a buyer is under intense pressure of time.
November 16, 2010
No Bankruptcy Proceedings Against Kneissl
Contrary to what has been speculated for days, no bankruptcy proceedings have been filed against the Tyrolean ski manufacturer. Five execution applications have been filed however.
November 15, 2010
A-Tec Subsidiary: Negotiations with Banks have Failed
The Kreditorenschutzverband (KSV, Creditors Protection Association) has confirmed that negotiations have failed. The Styrian AE&E is to be sold.
November 15, 2010
S&T Denies Bankruptcy Petition
The Vienna Stock Exchange listed IT company provides S&T is facing widespread allegations. It has been rumored that the company is faced with a bankruptcy petition.
November 12, 2010
A-Tec: No Agreement Yet
According to the boss of the Kreditorenschutzverbandes (KSV, Creditor Protection Association), Hans-Georg Kantner, there will still be no solution on today Monday. Negotiations are still underway.
November 8, 2010
A-Tec: Compromise Between Banks and Creditors
The creditors of the ailing industrial group A-Tec have been able to reach a compromise with the banks to provide further financing for the Group.
November 5, 2010
A-Tec: Financing Only Secured Until January
The plan of the creditors' committee was rejected. The Banks are consulting with each other for the financing of the ailing A-Tec group, after which the creditors’ committee will present a new proposal to the credit institutions.
November 2, 2010
A-Tec: Banks Working on Counter-Proposal
After the fruitless negotiations, the banks plan to draw up a counterproposal. In addition, a British investor is showing interest in joining.
October 30, 2010
Kovats in Distress: Rescue Package Must Stand Firm by Monday
The coming days are of utmost relevance for Mirko Kovats’s insolvent A-Tec Group. The rescue package must be ready by Monday.
October 29, 2010
A-Tec Restructuring: Kovats Hands Over 25.1%
The banks inject new money into the insolvent company; Kovats has no longer the majority. If restructuring fails, the banks have realization authority.
October 28, 2010
A-Tec: Will 100 Million be Given Up by the Creditors?
The creditors' committee deliberates today on how the company will continue existing. Mirko Kovats, founder and CEO of the company, wants to make a "substantial contribution" to the issue.
October 27, 2010
A-Tec Creditors: Minimum Rate Too Low
While an early agreement with the banks seems imminent, the legal minimum quota offered to the creditors of the insolvent A-Tec group is not enough. Staff’s resentment is also being felt.
October 22, 2010
A-Tec Offers a 30% Quota
CEO Kovats is trying to rehabilitate his insolvent company with the help of creditors.
October 21, 2010
Bond Refinancing Collapsed: A-Tec Starts Insolvency Proceedings
After several problems with the refinancing of its corporate bond, A-Tec decides to start a restructuring.
October 20, 2010
Insolvencies: Declining Trend for Both Companies and Individuals
KSV expects 10% less insolvencies for 2010, but warns about the consequences of fiscal budget adjustment.
September 28, 2010
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