Investors who were bold or lucky enough to buy a little-known, opaque and illiquid vestige of one of Europe’s most dramatic bank failures may make a killing. Their good fortune is another odd twist in the wild history of Hypo Alpe-Adria-Bank International AG, the Austrian lender that nearly collapsed under bad loans piled up in a state-sponsored buying spree in the former Yugoslavia, Bloomberg News reported.
South African retailer International Holdings N.V. said on Tuesday a former partner firm of its European operations claims it is owed about 291 million euros (£256.62 million or $331 million) by the company, the International New York Times reported on a Reuters story. Steinhoff is in the middle of a clean-up of its balance sheet after discovering multi-billion euro holes in its balance sheet more than a year ago. LWS GmbH, a company linked to Austrian businessman Andreas Seifert, claims to be a creditor of Steinhoff Europe AG (SEAG), the parent company said.
Waagner-Biro, the steel engineering company who constructed the remarkable steel dome over Jean Nouvel‘s Louvre Abu Dhabi, has announced insolvency, designboom reported. The Austrian firm’s financial issues are reportedly due to late payments and unexpected costs incurred by Louvre Abu Dhabi for the steel structure. The dome, which stretches 178 meters in diameter and is made from steel and aluminium, cost €80 million to construct.