Kneissl, an Austrian maker of bicycles, skis, tennis racquets, apparel and accessories filed for bankruptcy Feb. 8 after its majority owner in Saudi Arabia did not meet a court deadline to inject more capital into the company, according to several media reports.
It marks the second time since 2003 that the company has filed for bankruptcy. Kneissl listed €23.3 million in debts. The company is credited with being the first company in the late 1990s to market skis with curved edges to make turning easier.
Kneissl filed bankruptcy in 2003 after acquiring Raichle, Dynafit and Marker in 1996. All those companies have since changed ownership. Mammut now owns Raichle, Salewa owns Dynafit and Amer Sports owns Marker.
JJW hotels & Resorts Group, which is controlled by Saudi investor Mohamed al-Jaber, acquired a 60% share in Kneissl in 2008, according to Austriantimes.net. In February 2010, he appointed his oldest daughter, Masheal Al Jaber, a co-manager of Kneissl Holding in Tyrol in what Kneissl CEO Andreas Gebauer then described as a strong sign of the family’s bond to the Kneissl brand.
Last week, al-Jaber said he will invest another €1.2 million in Kneissl once its bankruptcy plan is worked out with creditors.
