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 […]
Struggling engine manufacturer ATB Austria Antriebstechnik AG (ATB) has warned shareholders it could have suffered immense losses last year.The Vienna-based company which runs factories in the Austrian province of Styria, Germany, Great Britain and Serbia said yesterday (Thurs) its annual loss could be higher than half of its nominal capital. ATB added that […]
Struggling A-Tec Industries AG (A-Tec) has sold another subsidiary company as it tries to get back on track.The company, which opted for controlled bankruptcy last October, announced today (Mon) that it decided to sell Dörries Scharmann Technologie GmbH (Dörries Scharmann) to internationally operating technology company StarragHeckert.Reports have it that the Swiss company is ready to […]
The number of bankruptcies declined by nearly six per cent year on year in 2010, it has been announced.Creditreform, an Austrian association for the protection of creditors, said today (Mon) that officials handled 6,657 cases of broke companies last year. It said this was a 5.9 per cent decrease compared to 2009 figures. Creditreform added […]
Austrian Energy & Environment (AE&E) has filed for bankruptcy just weeks after its owner A-Tec Industries AG (A-Tec) was forced to open insolvency procedures.A-Tec said it failed to find an investor for AE&E, which is its biggest subsidiary. The firm held takeover talks with Styrian company Andritz, Austrian businessman Ronald Pecik and a string of […]
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 […]