Kategorie: News
Austrian scooter producer with millions in debt
Insolvency proceedings for the company Scubajet were opened at the regional court in Klagenfurt (Carinthia) on Wednesday 22 May 2024. The company produces and sells motors and drive systems (including scuba-diving scooters) for water sports.
According to information, the debts amount to 4.2 million euros. The over-indebtedness is estimated at 2.6 million euros by the credit protection organisation KSV1870. Twelve employees are affected by the insolvency.
Subajet's fast underwater propulsion system was even used in a major Hollywood production: it was used in part two of the blockbuster Avatar. As a start-up, the company became well known through the Austrian TV show "2 Minuten, 2 Millionen" (Puls 4).
Armin Kundigraber, Scubajet's managing director, holds 30 per cent of the company shares. A further 28.8 per cent is owned by Austrian investor Hans Peter-Haselsteiner's private family foundation ZMH GmbH, whose board members include former Austrian Chancellor Alfred Gusenbauer. Even a federal state, Carinthia, has a stake of just under eight per cent through the Carinthian Venture Fund.
According to the credit protection association KSV1870, a reorganisation plan is to be introduced as part of the insolvency proceedings and the company's debt is to be reduced with the help of an investor.
The application cites the development of the Scubajet Performance product range as the cause of the insolvency, for which considerable investments were made by the shareholders but whose market breakthrough has not yet been achieved. The coronavirus crisis and the lack of availability of components also had a negative impact on the company's economic success.
More information
Scubajet advertising video
https://www.youtube.com/watch?v=At3DHvnTCKA
Scubjet website
https://www.scubajet.com/