The banks of Waagner-Biro group, which is currently facing financial difficulties, put their trust in the solid and effective restructuring and reorganisation expertise of fwp.

With respect to Waagner-Biro group, which is currently facing financial difficulties due to delays in payment related to major projects abroad, insolvency proceedings were opened over the assets of the steel construction subsidiary SBE Alpha AG on 23 October 2018 and most recently, on 31 October 2018, restructuring proceedings without management relating to Waagner-Biro Aktiengesellschaft were opened.

The core banks, Raiffeisenlandesbank Niederösterreich-Wien Aktiengesellschaft, Raiffeisenlandesbank Oberösterreich Aktiengesellschaft, Erste Bank der österreichischen Sparkassen AG and UniCredit Bank Austria AG tasked the fwp restructuring and reorganisation team with establishing framework conditions providing for a most orderly consolidation of the relevant legal and economic factors as quickly as possible. After intensive negotiations lasting several days and nights, a first partial success was achieved with the conclusion of an agreement on the takeover of all shares in Waagner-Biro Austria Stage Systems AG by grosso holding Gesellschaft mbH, a company owned by the well-known restructurer Erhard Grossnigg.

fwp partner Markus Fellner on the cooperation: “I am pleased that within the extremely short time available it has been possible to achieve a first partial success for the banks, and especially for many employees of a company with such a long tradition.”

The fwp team comprises fwp partners Markus Fellner and Florian Kranebitter, as well as the associate Carine Nsiona.