Creditors of Kneissl have agreed to settle their claims against the Austrian ski company for 20 cents on the dollar, according to a report in FriedlNews Briefing.
Former owner and billionaire Sheikh Mohamed Bin Issa Al Jaber paid €1.98 euro to settle with the creditors, preventing a liquidation of the company. Creditors forced the company into the Austrian equivalent of bankruptcy court last year after Al Jabber failed to meet the deadline for injecting €3 million in the company. At the time, the multibillionaire hotelier was negotiating with Bank Austria over the restructuring of much larger loans related to several real estate investments.
