Sponsored Content
Restructuring
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
Further Delay in Sale of A-Tec
The group’s supervisory board has asked for expert advice on the sales process. A decision might be taken at the end of August.
August 18, 2011
Positive Half-Year Results for A-Tec
The Austrian conglomerate achieved a net profit of € 24.6m in the first six months of the year. Revenue increased by 15.8%.
August 11, 2011
Sale of A-Tec Imminent – Mirko Kovats Attacks Politicians and Banks
The Austrian conglomerate’s negotiations with investors are about to be concluded. CEO Kovats criticized banks for being “no help in securing jobs”.
August 11, 2011
S&T Deeper in the Red
The IT service provider recorded higher losses in the first six months of 2011. The Austrian workforce has been reduced by one third since October.
August 10, 2011
Penta Is Extending Offer for A-Tec
The Czech-Slovak investment group has affirmed its interest in a takeover of the Austrian conglomerate and extended the validity of its offer.
July 28, 2011
House Searches at A-Tec’s Management
Serious allegations have been made against Board Members of the Austrian conglomerate which is currently negotiating with potential investors. Eight houses have been searched.
July 20, 2011
A-Tec: Kovats Wants to Stay on Board
CEO Mirko Kovats does not want to give up control over the Austrian conglomerate. He is trying to push through a sale to his favorite bidder which would give him a role in the group.
July 15, 2011
Bankruptcy Judge Stops Production at Kneissl
The Austrian ski manufacturer continues the search for an investor. Production has been stopped by the judge in the bankruptcy proceedings.
July 14, 2011
A-Tec Received Binding Offers from Investors
Investors will need at least € 210m in order to fulfill the payout plan. Up to five potential buyers were still interested in an acquisition.
July 1, 2011
S&T: Operating Loss Widened
The ailing Austrian IT service provider has not yet achieved the turnaround. Half of the company’s share capital has already been used up.
June 30, 2011
Verbund to Restructure Its Portfolio
The Austrian electricity company is negotiating the sale of French Poweo. Eni and Enel are said to be interested in an acquisition.
June 27, 2011
Five Investors Still Interested in A-Tec
A-Tec boss Mirko Kovats has to find a buyer for his insolvent group by June 30. Investors will need at least € 225m in order to fulfill the payout plan.
June 24, 2011
Record Loss for A-Tec in 2010
The insolvent company reported a loss of € 585m. Nonetheless, CEO Kovats sees a positive development and remains optimistic.
June 15, 2011
No Money from Al Jaber: Restructuring of Kneissl Has Failed
The last attempt to rescue the Tyrolian ski manufacturer has failed as majority owner Al Jaber has not transferred the € 2.1m necessary to continue business. The company will be liquidated.
June 15, 2011
Swedish Investor Buys Insolvent JoWood
The Austrian computer game producer will resume business after its acquisition. A payout plan ratio for the creditors has not yet been determined.
June 6, 2011
Kneissl: Creditors Accept Restructuring Plans
Al Jaber has to pay € 2m into an escrow account before June 15. Otherwise, the Tyrolian company will be liquidated.
June 1, 2011
Surprisingly Good First Quarter Results for ÖBB
The Austrian Federal Railways achieved earnings of € 4.2m before tax in the first three months of 2011. For the full year, however, the company still forecasts a loss.
May 23, 2011
Signs of Recovery at A-Tec
The insolvent company showed a satisfactory development in all divisions in the first quarter.
May 13, 2011
A-Tec Restructuring Plan Confirmed
With a quota of 47%, the restructuring plan of the insolvent A-Tec was confirmed.
May 12, 2011
Austrian Airlines Cannot Achieve Turnaround
The Austrian Airlines, which is in a restructuring process, is still deep in the red. In the first quarter of 2011, operating losses amounted to € 63.5m.
May 5, 2011
Massive Losses for Federal Railroad
The Austrian Federal Railways (ÖBB) had to report a record loss of € 330m in 2010. CEO Kern speaks of "legacy".
April 30, 2011
S&T Announces Group Results - Down in the Red
Consolidated revenues of the S&T Group in 2010 amounted to € 351 m, down from € 385 m in the previous year.
April 30, 2011
Hypo Tirol Continues Restructuring Process
The Supervisory Board of the Austrian regional bank appoints two new board members. Furthermore, withdrawal from Germany and Switzerland is to take place.
April 27, 2011
Interest in Acquiring A-Tec
The Austrian restructurer Erhard Grossnig is interested in acquiring parts of the insolvent A-Tec Group.
April 22, 2011
Restructuring failed: JoWood on the brink of disappearance
The game manufacturer, already in hard financial troubles for a long time, had to announce today that the restructuring process has failed.
April 22, 2011
ATB in Severe Turbulences
Losses of the Austrian A-Tec subsidiary will probably exceed half of the share capital.
April 22, 2011
Substantial Financing Needs for S&T Again
The Austrian software company still suffers financial turmoil. New funds for € 3.5m are urgently required.
April 12, 2011
Kern: "We are Struggling for Survival"
The CEO of the Austrian Federal Railways (ÖBB), Christian Kern, paints a dramatic picture of the largest domestic transport company.
April 8, 2011
AUA: Additional Savings Needed
The restructuring program of AUA is not sufficient to bring the company into positive numbers in view of the events in Japan and North Africa.
April 7, 2011
A-Tec: Restructuring With Success Prospects
The insolvent A-Tec Group might actually succeed in completing its reorganization. An investor has yet to be found by the end of June.
April 7, 2011
S&T Reduces Jobs
The ailing Austrian software company has to reduce a quarter of its staff in the current year. There are also problems in Germany and Switzerland.
April 7, 2011
Hypo-Group Restructuring to be Completed by 2012
The bank that was emergency nationalized in 2009 suffered a loss of about € 1.06bn in 2010. The current year should end up balanced.
March 31, 2011
No Sale of ÖBB-Power Plants
The proposal that the Austrian Federal Railways sell its assets rather than increase its capital meets with vehement rejection.
March 23, 2011
Bawag: Successful Return to Profitability
The Austrian bank, which is held by the American Cerberus fund, achieved a profit of € 125m in 2010.
March 17, 2011
Austrian Post: Stable Turnover, Increasing Earnings
Revenue was up by 0.3%. EBIT rose by 5.0% to € 156.9m. Dividend proposal to the Annual General Meeting: € 1.60 per share
March 16, 2011
ÖBB Restructuring: "There is no other Alternative"
Christian Kern, CEO of the Austrian Federal Railways (ÖBB) explains his plans to manage the turnaround in an interview with the magazine "Standard".
March 12, 2011
Austria's Construction Industry Expects Stagnation
In an interview with the newspaper "WirtschaftsBlatt", the CEO of the Porr construction company, Karl-Heinz Strauss, describes his prospects for the local construction industry.
March 8, 2011
Major Order from China for Emco
The A-Tec's subsidiary Emco has receaved an order from China for € 7m.
March 8, 2011
ÖBB: Cargo Division as Loss-Maker
The continuing crisis of the Austrian Federal Railways (ÖBB) is due in large extent to the losses in freight traffic of Rail Cargo Austria (RCA).
March 8, 2011
Wienerwald Grows Again
The restaurant chain is expected to start growing again after a long crisis. Investments worth € 20m are planned for the current year.
March 4, 2011
High Losses for ÖVAG-subsidiary
VBI, the subsidiary of foreign equity holding company of the Austrian Volksbanken-Group, realized losses in 2010 amounting to € 21.8m.
March 4, 2011
Sales Declining at Spar Hungary
The food trade chain records declining sales in Hungary - for the first time in its history.
March 4, 2011
Casinos Austria International in Crisis
The foreign holdings of Casinos Austria International pose major problems for the group, as losses continue.
March 1, 2011
VBI: Purchase by Sberbank is Looming
The sale of the Eastern European holding company of the Austrian ÖVAG is taking shape. Even Chinese investors are interested.
February 25, 2011
S&T Restructuring: Agreement with Banks Concluded
Detailed negotiations with banks were successfully concluded by the Austrian software company.
February 23, 2011
Hypo Group: Losses up to € 1.3bn
The emergency-nationalized Hypo Group is deep in the red zone as the result of high provisions and value adjustments.
February 19, 2011
Difficulties in ÖBB Restructuring
The Austrian Federal Railways cannot get out of their debt crises. Restructuring of the freight division requires additional funding
February 15, 2011
Kovats Stays On as CEO of A-Tec
The restructuring plan for the insolvent A-Tec has been approved by the shareholders. Due to the lack of an alternative, Kovats stays.
February 12, 2011
Merger Within Telekom Austria
A1 Telekom Austria Restructures its M-Payment Subsidiaries: paybox and A1 Bank Merge to Form New paybox Bank AG
February 12, 2011