The assets of Austrian wood flooring producer Vito Wood Industry are being sold by auction after unsuccessful attempts to sell the company.
St Veit-based Vito filed for insolvency in 2011 owing €5.2m. It cited material shortages, delivery delays and loss of customers. It is believed that loans on new machinery purchased had also added pressure.
It was the second time in two years that Vito had become insolvent. The first time in 2009 Salzburg-based wood flooring producer PIOS acquired the activities of Vito Parquet and set up Vito Timber Industry as a 100% subsidiary.
Klagenfurt-based auction company Karner & Dechow has been commissioned to sell the production facilities as a homogeneous unit.
“Should this fail, the machines and stock, around 35,000m² of parquet, will be individually auctioned in March 2012,” said a Karner spokesperson.
For more information on the asset sale contact karner@karner-dechow.at. The liquidator, Dr Egbert FRimmel, can be contacted on office@rechtdirekt.at.
