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Restructuring

Austrian Construction Group Alpine Rescued

For the time being, Alpine´s bankruptcy could be prevented. The creditors agreed on a partial waiver.

March 4, 2013

Poland: LOT Airline Downsizing Personnel

Due to the restructuring program, the unprofitable airline company has to lay off 360 workers.

March 2, 2013

Alpine: Austrian Ministry of Finance Rejects Waiver

Although the banks reached an agreement, the restructuring of the Austrian construction group may collapse.

March 1, 2013

Alpine: Future Still Highly Uncertain

Today, Alpine´s creditors decide whether the financially stricken construction company will be restructured.

February 28, 2013

Austria: Wienerberger in the Red

Results for 2012:Group revenues: € 2,356 million (+23% versus 2011). Operating EBITDA: € 246 million (+2% versus 2011). After tax loss: € 41 million.

February 26, 2013

Austria: Final Talks about the Future of Alpine

Everything revolves around the debt cut and the Future of Construction Company.

February 25, 2013

Czech Republic: Agrofert Takes Over German Bakery Chain Lieken

Barilla, the world’s leading manufacturer of pasta products, announced that it had fixed a deal with the Czech company Agrofert to sell the German baking enterprise, Lieken AG.

February 25, 2013

LOT to be Privatized in 2013

LOT Polish Airlines faces a dramatic phase of restructuring. In order to saleable, the airline company will downsize radically.

February 19, 2013

Polish LOT Plans Mass Lay-Offs

In order to prevent a bankruptcy, the financially stricken airline has to downsize radically, Prime Minister Tusk says.

February 14, 2013

Alpine: Creditors Face Haircut

The financially stricken Austrian construction company wants its creditors to contribute to the restructuring.

February 2, 2013

Poland: LOT to Downsize Radically

The financially stricken Polish airline must scale-down its activities drastically in order to become profitable again

January 5, 2013

Alpine: New Management Under Pressure

The Austrian construction company fights for survival. At the beginning of January, the management has to present a restructuring package.

December 29, 2012

Alpine: Funding is Secured

The financially stricken construction company has reached an agreement with its creditors.

November 10, 2012

Austrian Airlines Returns to Profits

AUA´s restructuring programme begins to take hold. The result for 3rd Quarter nearly doubled to € 61m.

October 31, 2012

TAP 09 Wants to Expand with Former Schlecker Branches

The Austrian investment funds, which took over Schlecker Austria this week, wants to enlarge the number of branches substantially.

August 1, 2012

AUA: Auditors Found Inconsistencies

In 2007, Austrian Airlines should not have recorded a profit, but a substantial loss of € 235m, auditors says.

July 31, 2012

Hypo Group: „As Little Bank Aids as Possible“

Hypo Group Alpe Adria´s CEO Gottwald is unhappy with reports that the state-owned bank may need further bank aids.

July 20, 2012

Schlecker Austria: Time Pressure Grows

The potential buyers of Schlecker Austria are still highly skeptical. Until August, a decision must be taken.

July 18, 2012

Austrian Railways to Record Profits Already in 2012

Christian Kern, CEO of Austrian Railways, explains that the company´s restructuring is going on. The results would be better than the expectations.

July 16, 2012

VBAG-Restructuring Proves Problematic

In March, the Austrian VBAG Banking Group became partly nationalized. A new CEO has not been found yet.

July 12, 2012

Austrian Airlines: Operated by Tyrolean

The transfer of undertakings is completed. About 2,000 AUA staff members shifted to the regional airline Tyrolean.

July 3, 2012

Albrecht: „We Will Remain Austrian“

AUA´s CEO explains that about 80% of the reorganization of Austrian Airlines has been achieved. The airline would be on the right way, Albrecht affirmed.

June 23, 2012

Hypo Group: The Time is Pressing

Until the end of this year, the Austrian nationalized banks needs an equity quota of 12.0%. This will not be achieved without special measures.

June 11, 2012

Albrecht: „Common Collective Agreement in 2012“

The CEO of Austrian Airlines is optimistic to achieve unified collective agreement for the whole workforce. Costs for the transfer of undertakings are expected to reach up to € 90m.

June 9, 2012

AUA: Last Chance

The loss-making Austrian Airlines has only little time left to achieve the turnaround. Lufthansa´s patience is wearing thin.

May 26, 2012

AUA: 250 Aircrew Member Leave

Until now, 80 pilots and 170 flight attendants decided to leave Austrian Airlines. The deadline runs until the end of May.

May 25, 2012

Austrian Airlines Streamlines Organization

The former Swiss executive board member Gaudenz Ambühl will head new flight operations.

May 22, 2012

Works Council Increases Pressure on Management

The transfer of undertakings may induce costs of € 280m. According to rumors, AUA´s management may be partially changed.

May 15, 2012

AUA: Leaving Pilots May Cost up to € 80m

The transfer of undertakings at Austrian Airlines is irrevocable, the management points out. In case of a lack in pilots, Lufthansa and Swiss would close the gap.

May 11, 2012

Lufthansa Considers Selling AUA

There seems to be no end to the turbulences at Austrian Airlines. The owner, the German Lufthansa, considers selling AUA in case of a failed restructuring.

May 9, 2012

Albrecht Wants Common Collective Agreement

After the transfer of undertakings, the CEO of Austrian Airlines aims to create a collective agreement for the whole workforce. Further cuts are not excluded.

May 4, 2012

New Record Loss at AUA

Bad news for Austrian Airlines: the result from operating activities reaches € -66.7m. AUA refers to higher kerosene prices and the air travel tax. Nevertheless, the turnaround should be reached in 2013.

May 3, 2012

AUA: Transfer of Undertakings Definite

The re-started negotiations between AUA´s management and the aircrew have finally failed. A mass exodus of pilots is feared.

May 1, 2012

Restructuring: Hope at ÖBB

In 2010, Austrian Railways recorded losses of € 330m. CEO Kern could decrease losses to € 28m in 2011. The final turnaround is not achieved yet, Kern says.

April 26, 2012

AUA: Agreement Could be Reached

The long-lasting dispute at Austrian Airlines is settled. The management board and the works council agreed on a new collective agreement.

April 25, 2012

AUA Threatened by Strikes

After Austrian Airlines´ supervisory board resolved the transfer of undertakings, the Lufthansa subsidiary may face strikes.

April 21, 2012

AUA Resolves Transfer of Undertakings

The supervisory board of Austrian Airlines decided to switch to cheaper collective agreements. The transfer of undertakings is “crucial for AUA´s survival”.

April 20, 2012

„AUA is no Protected Area Anymore“

Lufthansa´s CEO Christoph Franz underlined not to accept permanent losses of the Austrian subsidiary AUA. “There is no protected area at Lufthansa anymore.”

April 18, 2012

Austrian Railways Aims for Expansion in SEE

ÖBB (Austrian Railways) wants to establish a new freight subsidiary operating in Southeastern Europe. In Austria, ÖBB performs better than expected.

April 16, 2012

AUA Expected to Record High Losses Again

This year, Lufthansa-owned Austrian Airlines is anticipated not to reach the profit zone. In the first quarter, fees and fuel caused higher costs of € 28m.

April 12, 2012

„Bank Aids Are Lost“

The economist Franz Hahn (WIFO, Austrian Institute of Economic Research) argues that the nationalized banks are not interesting for potential buyers.

April 10, 2012

„AUA Must Achieve Turnaround on its own“

Christoph Franz, CEO of Lufthansa explains that the Austrian subsidiary will act independently also in future. Also the restructuring must be completed without Lufthansa´s help.

April 7, 2012

S&T Achieved Turnaround

The realization of investor participation stabilized the Austrian IT service provider and showed positive effects on liquidity, equity capital and group results.

March 29, 2012

AUA: Workforce Wants Unified Collective Agreements

The trade unions, the workforce of AUA and of Tyrolean aim to reach a unified collective agreement for AUA Group. Already tomorrow negotiations may start.

March 27, 2012

Koren to Become VBAG´s New CEO?

Finance Minister Maria Fekter aims to nominate the former Vice-CEO of Bawag as board director of VBAG.

March 24, 2012

Hypo Alpe Adria Bank to be Sold this Year

The Austrian subsidiary of the nationalized Hypo Group Alpe Adria will be sold this year. “All potential risk factors are eliminated.” the supervisory board chairman says.

March 22, 2012

Lufthansa Grants Capital Injection to AUA

The German Airline raises the capital of the loss-making subsidiary by € 140m with reservations.

March 15, 2012

Losses of € 59.4m at AUA

The original target result of Austrian Airlines was not achieved “due to crises in Japan and Middle East”. The load factor was reduced to 73.8 percent

March 15, 2012

AUA Prepares Transfer of Undertakings

Austrian Airlines increases pressure on its aircrew. The deadline to negotiate the new collective agreements was extended again by one month.

March 14, 2012

AUA: Negotiations Failed

Negotiations between Austrian Airline´s management and the aircrew representation ended without any concrete results. Yesterday, the workforce seemed to be willing to reach a compromise.

March 13, 2012
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