The veneer manufacturer Karl Soukup was declared bankrupt at the end of February by the court in Krems/Lower Austria. Its losses rose to about € 2.9 million and debts amounted to € 14.37 million in the past year. Exact figures will be made public on the 24th of April 2008. Affected by the bankruptcy are also the manufacturing plants in Romania - a 100% Soukup subsidiary, the plant in Ukraine (50%), as well as a company from Brno/Czech Republic (60%).
The Romanian plant of Tomnatic could benefit from provision of the Austrian bankruptcy law that would allow it to remain in activity. In contrast to the Ukrainian plant, where the machines have only scrap value, in Romania the production could continue due to the leased plant and equipment. This would be necessary, in order to close the gap of € 500,000 which would arise after the sale of machines and inventory. Machine sales would bring € 800,000, while stock sales would bring € 700,000. However, the sale of machines to Croatia failed once already. A further continuation of the veneer production depends only on the decision of the bank Hypo Alpe Adria. Karl Soukup transferred parts of the Romanian production activities to the bank. Hypo Alpe Adria may decide to postpone its debt claims for a later time.
The competition with the American white oak, the higher oak logs prices, the crisis in the Spanish real estate industry and the decrease of door production in Germany were cited as reasons for the financial difficulties of the Austrian manufacturer.
For further information:
AKV Alpenländischer Kreditorenverband für Kreditschutz und Betriebswirtschaft
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