The final distribution hearing took place in the Steyr Regional Court on Tuesday. An “above-average distribution rate” of 54 percent was achieved for creditors, the Credit Protection Association of 1870 announced on Tuesday. 166 employees were affected by the bankruptcy, 1,081 creditors had registered claims of 33.5 million euros.
Steyr Motors GmbH dealt with the development and production of high-performance engines as well as the small series production of engines for boats, special vehicles and machines. A planned renovation failed. The company was sold as part of the insolvency proceedings.
The special engine manufacturer based in the Upper Austrian district town of Steyr was founded in 2001 as an independent company by a group of investors around the former general director of “Steyr Daimler Puch Werke” and ex-transport minister Rudolf Streicher (SPÖ) and the ex-head of Magna Steyr’s engine division, Rudolf Mandorfer , who also acted as managing director, was founded. Previously it was part of Steyr Daimler Puch and Magna. In 2012 the company was sold to a Chinese investor group.
Source: Nachrichten
