Customers, creditors and other stakeholders of the bankrupt Austrian ski maker Kneissl may learn its fate as early as June 15, when the company could be liquidated if its billionaire majority shareholder does not finally deposit a long promised capital infusion, according to press reports.
Kneissl filed for protection from its creditors in early February for the third time since 1980. Under a plan approved by its creditors Wednesday, Kneissl’s majority shareholder Mohammed Bin Issa Al Jaber has until June 15 to deposit €2.1 million into escrow to settle their claims at between 25 and 100 cents on the dollar, Friedlnews.com reported. Other media reported that Bank Austria must also agree to delay enforcing its claim against Kneissl.
If these two conditions are not met, trustees may liquidate Kneissls holdings. Under that scenario, creditors of Kneissl Holding GmbH would receive 30 cents on the dollar, creditors of Kneissl Tirol GmbH, which makes skis, apparel and bicycles, would receive 25 cents and creditors of Kneissl Star Lounge GmbH, which has retail and restaurant holdings, would get 100 cents on the dollar.
Al Jaber is founder, chairman and CEO of MBI International, a hotel, resort and real estate development, oil and gas and agro-industrial conglomerate with net assets valued in excess of $9 billion. Al Jaber became controlling shareholder of Kneissl Holding in 2008 and has made several promises this year to provide the company with addition capital.