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‘TE Bahnoperator not connected to bankruptcy proceedings’, says CEO

Image: Flickr. Mathias Schrödter

The bankruptcy claim involving Bahnoperator Austria and Bahnoperator Polska’s holding company, Lienzer Dolomiten Beteiligungsgesellschaft (LDB), will end up in court even if the claims are false. Moreover, TE Bahnoperator CEO Marcel Stein insisted that the company “has no legal or shareholder connection with LDB, Bahnoperator Austria, or Bahnoperator Polska”.

Thus, according to Stein’s words, TE Bahnoperator, which provides services between Europe and Asia, would not be affected by this, whether the bankruptcy claims were true or not. This is because “TE Bahnoperator rent their own locomotives and wagons also from other external carriers”, and not only from Bahnpoerator Austria. Stein also clarified that the proceedings are only against LDB, and not Bahnoperator Austria or Bahnoperator Polska. “Both companies still work without any problems and any debts against outstanding companies”, Stein concluded.

The trial cannot be suspended

As the Bahnoperator’s legal team stated, “In Austria, legally, the insolvency proceedings have a specific predetermined duration, even if everything can be clarified or corrected in the meantime and the insolvency is unfounded”. Once the proceedings have started, therefore, there is no way of suspending it until a certain period, which in this case would expire at the beginning of September. “We expect to receive an official clarification from the court administrator shortly”, Bahnoperator’s legal team stated. Moreover, Bahnoperator’s legal team told RailFreight.com that there will be “a preliminary interim report from the court administrator indicating that there are hardly any outstanding debts”. The trial date has been set by AKV for 11 September 2023.

What happened so far?

On Monday, 3 July, the Alpine Association of Creditors (AKV) claimed that LDB filed for bankruptcy with liabilities up to 4,5 million euros. The main reason behind the allegedly false bankruptcy application, as AKV specified, was “the massively declining order situation in China-Europe freight traffic”. The drop in volumes for China-Europe trains is a trend that is hitting many companies in the sector, therefore this narrative would make sense.

On the other hand, a couple of days later, LDB clarified that it was unaware of the application, which was constructed with “company figures that, verifiably, do not correspond to the facts”. LDB added that the application was presented to AKV behind the backs of majority stakeholders “and without the involvement of the company’s tax consultancy”.

LDB also claimed that the 4,5 million euros debt mentioned in the bankruptcy file is false. They attribute the controversial move to a “former managing minority shareholder”, against which they will seek legal action. This was also confirmed by Stein, who highlighted that all of this is happening because of an internal conflict between LDB’s shareholders.

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Author: Marco Raimondi

Marco Raimondi is an editor of RailFreight.com, the online magazine for rail freight professionals.

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‘TE Bahnoperator not connected to bankruptcy proceedings’, says CEO | RailFreight.com
exclusive

‘TE Bahnoperator not connected to bankruptcy proceedings’, says CEO

Image: Flickr. Mathias Schrödter

The bankruptcy claim involving Bahnoperator Austria and Bahnoperator Polska’s holding company, Lienzer Dolomiten Beteiligungsgesellschaft (LDB), will end up in court even if the claims are false. Moreover, TE Bahnoperator CEO Marcel Stein insisted that the company “has no legal or shareholder connection with LDB, Bahnoperator Austria, or Bahnoperator Polska”.

Thus, according to Stein’s words, TE Bahnoperator, which provides services between Europe and Asia, would not be affected by this, whether the bankruptcy claims were true or not. This is because “TE Bahnoperator rent their own locomotives and wagons also from other external carriers”, and not only from Bahnpoerator Austria. Stein also clarified that the proceedings are only against LDB, and not Bahnoperator Austria or Bahnoperator Polska. “Both companies still work without any problems and any debts against outstanding companies”, Stein concluded.

The trial cannot be suspended

As the Bahnoperator’s legal team stated, “In Austria, legally, the insolvency proceedings have a specific predetermined duration, even if everything can be clarified or corrected in the meantime and the insolvency is unfounded”. Once the proceedings have started, therefore, there is no way of suspending it until a certain period, which in this case would expire at the beginning of September. “We expect to receive an official clarification from the court administrator shortly”, Bahnoperator’s legal team stated. Moreover, Bahnoperator’s legal team told RailFreight.com that there will be “a preliminary interim report from the court administrator indicating that there are hardly any outstanding debts”. The trial date has been set by AKV for 11 September 2023.

What happened so far?

On Monday, 3 July, the Alpine Association of Creditors (AKV) claimed that LDB filed for bankruptcy with liabilities up to 4,5 million euros. The main reason behind the allegedly false bankruptcy application, as AKV specified, was “the massively declining order situation in China-Europe freight traffic”. The drop in volumes for China-Europe trains is a trend that is hitting many companies in the sector, therefore this narrative would make sense.

On the other hand, a couple of days later, LDB clarified that it was unaware of the application, which was constructed with “company figures that, verifiably, do not correspond to the facts”. LDB added that the application was presented to AKV behind the backs of majority stakeholders “and without the involvement of the company’s tax consultancy”.

LDB also claimed that the 4,5 million euros debt mentioned in the bankruptcy file is false. They attribute the controversial move to a “former managing minority shareholder”, against which they will seek legal action. This was also confirmed by Stein, who highlighted that all of this is happening because of an internal conflict between LDB’s shareholders.

You just read one of our premium articles free of charge

Want full access? Take advantage of our exclusive offer

See the offer

Author: Marco Raimondi

Marco Raimondi is an editor of RailFreight.com, the online magazine for rail freight professionals.

Add your comment

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