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FWP Advises Waagner-Biro Group Banks on Sale

FWP Advises Waagner-Biro Group Banks on Sale

Austria
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Fellner Wratzfeld & Partner has advised the banks of the Waagner-Biro group on the company's restructuring and sale to Grosso Holding Gesellschaft mbH.

According to FWP, Waagner-Biro group is currently facing financial difficulties due to delays in payment related to major projects abroad. On October 23, 2018 the company opened insolvency proceedings over the assets of the steel construction subsidiary SBE Alpha AG, and on October 31, 2018, restructuring proceedings relating to Waagner-Biro Aktiengesellschaft were opened.

FWP reports that the core banks — Raiffeisenlandesbank Niederosterreich-Wien Aktiengesellschaft, Raiffeisenlandesbank Oberosterreich Aktiengesellschaft, Erste Bank der Osterreichischen Sparkassen AG, and UniCredit Bank Austria AG — also underwent restructuring, after which the shares of Waagner-Biro Austria Stage Systems AG were sold to Grosso Holding, a company owned by Erhard Grossnigg.

The FWP team consisted of Partners Markus Fellner and Florian Kranebitter and Associates Carine Nsiona and Armin Sommerauer.

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