Mirko Kovats has harshly attacked Wilhelm Rasinger over the bankruptcy of A-Tec Industries AG (A-Tec). The industrial company – which consists of various affiliates operating in the raw material sector, the creation of factories and the production of tools – was founded by Kovats. It had to open insolvency procedures last year. The controlled bankruptcy […]
The government is disagreeing over whether the Federal Industry-Holding Stock Corporation (ÖIAG) should get involved in the handling of a major bankruptcy to save jobs. Social Democratic (SPÖ) General Secretary Günther Kräuter suggested yesterday (Sun) ÖIAG should be used as an “active industrial-political instrument” after it became clear on Friday that plans to carry out […]
The sale of broke industrial company A-Tec Industries AG (A-Tec) could be overruled by judges after a defeated bidder revealed plans to appeal the deal in court. Czech-Slovakian investment company Penta announced today (Tues) an affiliate has asked the Commercial Court of Vienna for an injunction of the agreement between A-Tec bosses, representatives of creditors […]
Time seems to be running out for struggling industrial firm A-Tec Industries AG as potential investors keep abandoning negotiations.Austrian businessman Ronald Pecik confirmed today (Fri) he saw “no sense” in acquiring A-Tecs subsidiary Austrian Energy & Environment (AE&E) because of its high debts and liabilities.This announcement comes after Hong Kong-based merchant banking company Mass Financial […]
Staff representatives have criticised the “extreme expansion policy” of struggling industrial firm A-Tec.The company faces bankruptcy, and reports have it that A-Tec planned to get rid of its subsidiary Austrian Energy & Environment (AE&E) to avoid a collapse.A-Tec puts the dire state of the firm down to cost overruns on a project by AE&E in […]
A-Tec Industries AG boss Mirko Kovats will spend his own assets to save his struggling company, according to a report.Business newspaper WirtschaftsBlatt reported today (Weds) that the businessman will contribute a “substantial amount” to get the firm back on track.Kovats sent shock waves through the Austrian economy last week when he informed shareholders that he […]