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PCB | February 09, 2009

SKM to close for good

After going into insolvency in September 2008, the Austrian PCB manufacturer SKM - based in Spittal - has stopped production at the end of last month.
Around 70 employees of the company are affected by the final stop. The company had €5.5 million debts with 150 creditors; and asset of € 12.5 million when it declared insolvency. "Despite many efforts and discussions with interested parties, the capital was insufficient for a Zwangsausgleich", Hannes Hammerschmidt, insolvency administrator, was cited in a local newspaper.

The court determinded last December that the company was to close production by the end of January. SKM used last month to work off existing contracts, the report continues.

Zwangsausgleich = specific part of Austrian insolvency law

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