The Austrian one-strip parquet manufacturer and trader Pios applied on 5 November to the Salzburg district court for the institution of rescue proceedings under own administration. The amount of debt is quoted by the KSV 1870 Credit Protection Association as roughly €2.3m. Assets shown in the 2011 balance sheet total only roughly €2.16m.

Insolvency creditors are now to receive a dividend of 30% within two years. The lawyer Dr. Elisabeth Bukovc from Salzburg was appointed as rescue administrator.

Source: EUWID

Posted and edited by Riona, Hanbao News Department

Contact: rionach@cltimber.com