AUSTRIA - Recap-backed Sariana files for insolvency

Sariana went into insolvency in autumn 2007 and was acquired by Steierische Beteiligungsgesellschaft STUG as a bridge owner. After bilateral talks, Recap submitted its offer in February 2008 and signed the deal on 7 March 2008. Recap invested through its fund Recap Restructuring Capital.

Founded in 1927 as Sariana AG in Switzerland, Sariana is headquartered in Heinersdorf and has additional locations in Hungary, Slovakia, Romania, and the Czech Republic. The company expects a turnover of EUR 12m in 2008, and reported a turnover of EUR 11m in the previous year.

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