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Restructuring

AUA: Compromise May Be Reached

After weeks of negotiations, the works council at Austrian Airlines seems to make concessions to the management. Tomorrow, the deadline expires.

March 12, 2012

AUA: Confrontation of Management and Workforce Sharpens

The management of Austrian airlines must find an agreement with its pilots until March 13. A solution is not in sight.

March 8, 2012

RHI Has Growth Plans

The Austrian producer of fireproof ceramics puts effort into growth. Major investments and acquisitions are planned.

March 7, 2012

Hammerer Aims For Growth in Italy

The Austrian aluminum company wants to acquire a site of the U.S. Alcoa in Italy.

March 7, 2012

AUA: Negotiations Go On

Austrian Airlines does not face strikes. Not only AUA´s management is under pressure. Workers fear a new foundation of AUA or a re-sale.

March 5, 2012

Change on Executive Board at Austrian Airlines

Karsten Benz to become new Chief Commercial Officer and succeeds Andreas Bierwirth. The supervisory board will decide on the change of management on 13 March.

March 3, 2012

AUA´s Insolvency Becomes More Probable

German newspapers report that Lufthansa could establish a new Austrian airline company. AUA could be left then.

March 2, 2012

Board Member Bierwirth Leaves AUA

Andreas Bierwirth, member auf Austrian Airline´s management board, will exit. It is supposed that the austerity package caused controversies within AUA´s management.

March 2, 2012

AUA Delays Extraordinary Supervisory Board Meeting

AUA´s management has not reached a compromise with its staff yet. As a new collective agreement is still missing, the supervisory board meeting has been postponed by March 13.

March 1, 2012

Nationalization of VBAG: Austrian State Holds 49%

After Kommunalkredit and Hypo Group, VBAG becomes the third Austrian bank which is publicly owned.

February 28, 2012

Partial Nationalization of VBAG Planned

The financially stricken Austrian bank receives new capital. The Republic of Austria makes contributions of € 1.05bn. Bank taxes will increase.

February 27, 2012

All-Clear for Opel Site in Vienna

Although the German automobile producer faces serious troubles, the Viennese factory is not endangered to cut jobs.

February 21, 2012

AUA: Time Pressure Grows

Only eight days are left for the management of Austrian Airlines to agree on a new collective agreement with the employees. An acceptable solution for both sides may be barely found.

February 21, 2012

AUA Attempts to Prevent FlyNiki to Approach Tel Aviv

Austrian Airlines files a complaint against FlyNiki at the Austrian

February 18, 2012

AUA: Atmosphere on the Brink

Austrian Airlines is endangered to face persisting disputes. The conflict between the management and the works council sharpened further.

February 17, 2012

VBAG´s CEO: „Bank Aid Only Last Exit“

Gerald Wenzel, chairman of VBAG´s executive board, continues the downsizing strategy. A new bank aid would be the “ultima ratio”.

February 17, 2012

Conflict Between AUA´s Management and Staff Escalates

2,300 employees of Austrian Airlines are endangered to be forced to switch to another collective agreement. AUA hopes to reach an agreement.

February 15, 2012

Lufthansa to Bundle Operations

In order to achieve the austerity targets, Lufthansa centralizes operations. Austrian Airlines is highly affected.

February 10, 2012

Intercell Plans to Achieve Turnaround in 2014

The Vienna-listed pharmaceutical company Intercell expects to return to the profit zone in 2014.

February 6, 2012

Uncertain Future of Schlecker Austria

After the insolvency of the German chemist chain, experts consider that the Austrian subsidiary could be sold.

January 31, 2012

Al Jaber Owns Kneissl Again

The insolvent ski manufacturer Kneissl will be owned by the Arab investor Al Jaber again. Creditors approved to a 20% quota.

January 28, 2012

Schlecker Insolvency: 3,000 Jobs Endangered

The German chemist chain today filed for insolvency. In Austria, Schlecker employs 3,000 workers.

January 23, 2012

AUA: Staff Threatens With Strike

The German Lufhansa Group plans radical cuts in existing collective agreements. The atmosphere among the workforce is aggressive.

January 21, 2012

AUA´s Staff Protests Against Wage Cuts

The new management of Austrian Airlines faces fierce resistance by the workforce. The new austerity package is heatedly contested.

January 20, 2012

Austrian Railways Reduced Losses

The Austrian Railways (ÖBB) is still in the red. Nevertheless, losses were lower than initially expected.

January 19, 2012

Austrian Airlines Records High Losses

Against previous expectations, the Austrian subsidiary of Lufthansa could not improve its results in 2011 compared to 2010.

January 10, 2012

Comeback of Al Jaber at Kneissl?

The creditors of the Austrian ski manufacturer will vote on a new restructuring plan after the takeover by a German group has failed.

December 22, 2011

S&T Aims to Achieve Turnaround in 2012

The Austrian information technology service provider wants to return to the profit zone. In 2012, turnover should reach € 220m at least.

December 14, 2011

Austrian Railways: Losses Amount to € 28.0m

The Austrian Federal Railways (ÖBB) could reduce its expected losses for 2011. Operating results could be positive.

December 12, 2011

Ambitious Restructuring Plans for S&T

After serious troubles in 2010 and 2011, the Viennese software consulter should leave the red zone next year. The new CEO, Hannes Niederhauser, is cautiously optimistic.

December 5, 2011

S&T Realizes Capital Increase and Investor Participation

Quanmax AG and grosso holding are new majority shareholders of the Austrian IT consulting company, which is planning to return to profitability in three phases.

November 24, 2011

Intercell Still Reports Losses

The Austrian pharmaceutical company could reduce its net losses from € 50.8m to € 20.62m. For the full year the net loss expectations ranges up to € 40m.

November 8, 2011

S&T Shareholders Approve Capital Increase

Recapitalization of the Austrian IT consulting company authorized in today’s Extraordinary General Meeting.

October 25, 2011

Sale at Rail Cargo Austria?

The freight traffic division of the Austrian Federal Railways (ÖBB) still suffers from its Hungarian subsidiary RCH. A sale to Hungary seems to be possible.

October 15, 2011

Kneissl Acquired by “Friends of Sports”

The bankrupt Tyrolean ski producer is taken over by a German holding company. The brand name will be retained; the Kufstein production site will be expanded.

October 6, 2011

New Managing Director for S&T Austria

The Austrian IT service provider successfully concludes its restructuring phase and appoints Richard Neuwirth as Managing Director.

October 6, 2011

Funding Situation for S&T Secured

The Austrian IT-company could successfully conclude an agreement on capital increase and debt relief of banks.

October 4, 2011

A-Tec: Kovats Cancels Sale to Contor

The Austrian conglomerate needs another € 90m in order to fulfill the restructuring plan. A new general meeting will be held.

September 28, 2011

C-Quadrat Plans to Close Its Fundbrokerage Business

The Austrian fund company will focus exclusively on its asset management core business segment.

September 24, 2011

Kneissl to Be Taken Over by Foreign Investor

Negotiations about the sale of the bankrupt Tyrolean ski producer are about to be concluded. Three investors from Europe and overseas are still interested in an acquisition.

September 23, 2011

Sale of A-Tec on the Brink of Failure

The Supervisory Board of the insolvent technology group wants to take up negotiations with Penta Investments again after a Pakistani investor pulled out of the deal.

September 22, 2011

Restructuring Program at Uniqa

The Austrian insurance corporation sets down one-time expenditures of € 190m in the 2011 balance sheet. Group annual result for 2011 expected to be a "flat zero" – notwithstanding any further negative developments on the capital markets.

September 21, 2011

Layoff at UPC

The Austrian subsidiary of the U.S. group Liberty Global further reduces staff.

September 20, 2011

Turnaround of RCA Is „Very Close“

The restructuring process of the Rail Cargo Hungaria, a subsidiary of the Austrian Federal Railways (ÖBB) is going on. The rail cargo segment reports better results than expected.

September 19, 2011

A-Tec Accepts Offer of Contor Industries

After several months of negotiations a decision has been made: The group will be split up, ATB and Montanwerke Brixlegg will be sold to foreign investors.

September 5, 2011

S&T Signs Partnership with Quanmax

A Term sheet on investor participation between the two Austrian IT-companies has been signed.

September 5, 2011

A-Tec: Kovats to Step Back by Year-End

The CEO of the insolvent Austrian group wants to finalize the deal with an investor before resigning from his position. Negotiations with Penta have been suspended.

September 1, 2011

Kneissl: Decision about Sale to Be Taken in September

Four international investors are interested in taking over the insolvent Austrian ski manufacturer. A purchase price of € 4m is expected.

August 29, 2011

A-Tec: Supervisory Board Postpones Decision to September

A decision on the sale of the insolvent conglomerate will not be taken before 2 September. Penta Investments is irritated by the offer of a competing bidder.

August 26, 2011

Kovats with New Plans for A-Tec

According to a new proposal, Penta Investments should only take over part of the Austrian conglomerate. CEO Kovats has submitted an own offer with financial support from a Pakistani billionaire.

August 24, 2011
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