Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Kresta, specialised in plant engineering and construction and headquartered in St. Andrä, has registered 237 employees with the Public Employment Service (AMS) due to bankruptcy of the company. Kresta was active in the paper, cellulose, chemical, wood and metal industry.
A conflict over the accounting of two major projects and pending payments of €38 million have caused the insolvency. Additionally, a liquidity shortage of one of the company's affiliated firms has also put strain on the overall budget situation. The company announced that it will not be able to pay wages for June and July 2016, vacation payments are also pending. There is no works council at the site, however, representatives of the trade union PRO-GE have ensured support for employees. Trade union members can apply for payments that should cover wage losses until the insolvency contingency fund (Insolvenzentgeldfonds) takes over. Remaining employees will have to wait longer in order to receive these payments.
Kresta is now looking for potential investors to be able to continue operating the site after restructuring. According to newspapers, a potential investor has already presented his interest.
Eurofound (2016), Kresta Anlagenbau GmbH NfG & Co KG, Bankruptcy in Austria, factsheet number 88265, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/88265.
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