In Austria Asamer to undergo restructuring

Austrian construction materials maker Asamer, whose main products are gravel and concrete, is to undergo restructuring in November 2013, whereby the majority of its foreign business could be outsourced into a type of bad bank, and parts of which will be successively utilised. This would leave the Austrian business and some cement plants in former Yugoslavia.
October 8, 2013

Austrian construction materials maker 4700 Asamer, whose main products are gravel and concrete, is to undergo restructuring in November 2013, whereby the majority of its foreign business could be outsourced into a type of bad bank, and parts of which will be successively utilised.

This would leave the Austrian business and some cement plants in former Yugoslavia.

Bankers involved believe that this move could mean that creditors will not lose as much. The Austrian banking group Raiffeisen has reportedly already lost money. Negotiations are underway concerning which of the three brothers in the company will lead which company division.

Observers say Asamer will overcome its difficulties. In 2012, Asamer made a loss of €70 million.

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Asamer
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