Next million-dollar bankruptcy in Upper Austria: After the glass and metal construction company MGlass from Steyregg filed for restructuring last week, bankruptcy proceedings have now been filed for RobArt GmbH from Linz. The debt amounts to over 9.5 million euros.
They had won the innovation prize of the state of Upper Austria and had also received a large amount of financing from the European investment bank EIB – but none of this could avert the financial turbulence of RobArt GmbH in Linz. The company, founded in 2010 by Michael Schahpar and Harold Artés, is in bankruptcy.
According to the creditor protection associations, the debts amount to more than 9.5 million euros. On the other hand, there are assets worth almost 740,000 euros. RobArt specialized in the development of artificial intelligence and controls for household robots. The Upper Austrians even launched their own vacuum cleaner robot under their own brand Romy, but this too could not turn the tide.
25 employees affected
Because a planned takeover by a French customer failed last year and projects with this company also failed, RobArt’s situation became precarious. Another major customer also ended the collaboration for cost reasons. A toxic mix that has now led to bankruptcy proceedings. 25 employees are affected by the bankruptcy.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
