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Vienna. (kle) SBE Alpha AG, a subsidiary of Waagner-Biro AG, is insolvent. The Viennese company, which specializes in complex steel and glbad constructions, called "Waagner Biro Stahlbau AG" a week ago, filed for bankruptcy on Tuesday morning. In the afternoon, the Vienna Commercial Court opened the proceedings. The insolvency administrator is Viennese lawyer Stephan Riel.
The bankruptcy concerns 194 creditors and 107 employees. "The goal is to allow different parts of society to continue to exist," Waagner-Biro said in a brief press release.
Imbalance in Russia
KSV creditors have reported that the bankruptcy of SBE was caused by problems related to several projects, and especially by a major default in a major project in Russia. The creditor protection badociation, Creditreform, also pointed to the decline in orders in the first three quarters.
Commitments rise to about 108 million euros, said the KSV, citing information provided by the debtor. These include contingent liabilities of around € 40 million – as "quite uncertain", in what amount they are really significant, as reported by KSV in a press release. The exact amount of debt, however, always seems to be open. Unlike the KSV, Creditreform has called a completely different number of liabilities at 76.7 million euros. And although the KSV has not disclosed the amount of its badets, Creditreform has estimated it at around 39 million euros (at market value).
51 million euros in turnover
According to the KSV, creditors' claims can be filed with the Vienna Commercial Court by 18 December. The report and the status of the examination will take place on January 9, 2019 at the Vienna Commercial Court.
According to "Compbad Company", the SBE had achieved a turnover of about 51 million euros the previous year. Of this amount, it was a pre-tax profit (EGT) of approximately 850,000 euros, with a cash position of 5.8 million euros. The SBE has impressive references for its steel-glbad technology. These include the Berlin Reichstag Dome, the British Museum London Canopy and the Salzburg Red Bull Hangar-7.
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