Creditors could move to liquidate Austrian ski manufacturer Kneissl as soon as Friday after its largest shareholder failed to meet a Wednesday deadline for investing $3 million in the bankrupt company, according to a report by Freidlnews.com.
Kneissl’s survival relied on reputed billionaire Sheikh Mohamed Bin Issa Al Jaber fulfilling two conditions. First he had to transfer roughly $3 million to an escrow account managed by a liquidator overseeing Kneissl’s reorganization. Second he had to renegotiate an agreement with Bank Austria to delay enforcement of its $16.7 claim against the company.
Neither condition was met. Liquidation can not proceed until a court certifies that Al Jaber failed to meet the deadlines. That ruling could come as early as Friday.
