Heta Asset Resolution

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HETA ASSET RESOLUTION AG

logo
legal form Corporation
founding 1991
Seat Klagenfurt, AustriaAustriaAustria 
management Board member Martin Handrich;
Board member Alexander Tscherteu
Branch Bad bank
Website www.heta-asset-resolution.com

The Heta Asset Resolution AG (company name, according to the commercial register in capital letters) is a mining company ( bad bank ) owned by the Republic of Austria , based in Klagenfurt . It has the legal mandate to utilize the non-performing part of Hypo Alpe Adria, which was nationalized in 2009, as effectively and value-preserving as possible.

Heta Asset Resolution AG is the legal successor to Hypo Alpe Adria Bank International AG, which returned its banking license on October 30, 2014 and was converted into a wind-down unit. The recovery is to be accomplished as quickly as possible within the scope of the dismantling objectives. Heta Asset Resolution AG has local subsidiaries in Austria, Italy, Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, Macedonia, Bulgaria, Germany and Hungary. Ongoing banking business has ceased since the deregulation.

management

As of September 1, 2017, the Management Board of Heta Asset Resolution AG consisted of Martin Handrich, Arnold Schiefer and Alexander Tscherteu. Sebastian Prinz von Schoenaich-Carolath , who was in office from 2015, left the company on August 31, 2017. The chairman of the supervisory board has been Michael Mendel since the name was changed to a wind-down unit in autumn 2014. Arnold Schiefer left Heta at the end of March 2019.

Processing of the liabilities side

The decision to wind up the Hypo successor company Heta Asset Resolution AG in an orderly manner, as opposed to bankruptcy, is closely linked to the legal liability of the state of Carinthia for a large part of Heta Asset Resolution's debts. According to Heta’s balance sheet as of December 31, 2014, the state of Carinthia was liable as a default guarantee for 10.2 billion euros (2013: 12.2 billion).

On March 1, 2015, after an asset quality review, Heta Asset Resolution AG reported an asset deficit in a range of around EUR 4.0 billion to around EUR 7.6 billion.

Also on March 1, 2015, the federal government under Finance Minister Hans Jörg Schelling decided not to make any additional money available to Heta. Accordingly, the Austrian Financial Market Authority (FMA), as the resolution authority, has initiated the resolution of Heta Asset Resolution AG. A moratorium was imposed on their debts until May 31, 2016. The settlement is based on the Banking Reorganization and Settlement Act (BaSAG), which has been in force since January 1, 2015, with which private creditors can also be included.

German insurance companies and banks - including Commerzbank , Pfandbriefbank, Düsseldorfer Hypothekenbank and Norddeutsche Landesbank - were particularly affected by the payment freeze . In Austria, the Austrian hypobanks were particularly affected. Numerous creditors sued in court.

On May 7, 2015, the Republic of Austria and the former Hypo parent company BayernLB agreed on a settlement in the legal dispute about BayernLB's billions in claims against Hypo Alpe Adria Bank. All legal disputes were settled against an advance payment by the Republic of Austria of 1.23 billion euros or 45 percent of all Bayern claims.

On April 10, 2016, the Financial Market Authority set the key data for the further processing of Heta Asset Resolution AG by decision. Among other things, it ordered a haircut of 100 percent for all subordinated liabilities and a haircut of 53.98 percent for all senior liabilities.

After the threat of billions in lawsuits from creditors and a failed attempt, Finance Minister Hans Jörg Schelling and the creditor's representative agreed on an alternative offer from the State of Carinthia to buy back all Hypo liabilities and the associated liabilities on May 18, 2016.

On October 10, 2016, the Carinthian Compensation Payment Fund (KAF) announced that 98.7 percent of all creditors had accepted the alternative offer from the State of Carinthia. An insolvency of Carinthia is off the table. The costs mentioned are 7.8 to 10.5 billion euros - depending on which variant the creditors choose. The state of Carinthia pays 1.2 billion euros, the federal government bears the risk of the results of the HETA asset utilization.

On May 2, 2017, the financial market supervisory authority reduced the debt haircut for creditors issued in April 2016: the senior creditors now receive 64.4 percent of their claims (previously 46.02 percent). The haircut for subordinated creditors remained unchanged.

On June 30, 2017, it was decided at an extraordinary general meeting that Heta will distribute EUR 5.8 billion early to creditors in the summer of 2017 due to the success of the wind-up operations to date. A disposal result of 9.6 billion euros is expected by the end of dismantling in 2020.

Processing assets

The aim of Heta Asset Resolution AG is to dispose of the remaining assets of the former Hypo Alpe Adria by 2020 as effectively and value-preserving as possible.

In October 2015, Heta Asset Resolution published a medium-term plan with the aim of generating cash in the amount of 6.3 billion euros by 2020 from the sale of its assets. As the liquidation progressed better than expected, Heta Asset increased the expected cash holdings for 2020 to 7.7 billion euros in its wind-up plan published in August 2016.

On June 30, 2017, it was decided to pay out EUR 5.8 billion early to the creditors due to the successes of the mining operations to date. In July 2017, Heta announced in the updated financial plan for the GSA that it would end the reduction by 2020 and generate a total of 9.6 billion euros.

Central sales success

On December 23, 2014, the former Balkan subsidiaries of Hypo Alpe Adria Bank International AG went to a bidding consortium made up of the US fund Advent and the Eastern European bank EBRD . In accordance with EU requirements, the network was to be re-privatized by mid-2015. Until the closing, the Balkan subsidiaries operated under the name Hypo Group Alpe Adria AG. The SEE banking network comprised six bank holdings in five countries in Southeastern Europe (Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro) with total assets of around 8.4 billion euros, 245 branches and 1.15 million customers. The deal was finally finalized on July 17, 2015.

Vehicles, machines and individual properties are continuously sold online by Heta Asset Resolution. By February 2015, 1,400 individual objects worth 50 million euros had been sold.

On September 16, 2015, Heta Asset Resolution sold the Croatian 5-star hotel Grand Hotel LAV including the marina to the Czech Odien Hotels NV

On June 28, 2016, Heta Asset Resolution sold a real estate package with 31 shopping centers and office buildings in Southeastern Europe to the US fund Lone Star . The purchase price was rumored to be 350 million euros, but the purchase price has not been officially confirmed.

On July 5, 2016, Heta Asset Resolution sold the Italian leasing subsidiary to the US fund Bain Capital . The book value was 657 million euros, the purchase price was not mentioned.

On August 31, 2016, Heta Asset Resolution sold Planet Tuš, one of the largest shopping centers in Slovenia, to the investment house Greenbay Investments . A purchase price was not specified.

On August 25, 2016, Heta Asset Resolution announced that the cash holdings had already grown to 5.3 billion euros due to the positive sales success.

On December 23, 2016, Heta Asset Resolution announced that it had agreed to settle all mutual claims with Addiko Bank AG, the buyer of the former Eastern Europe network. Addiko paid Heta just under a billion euros for outstanding loans.

On February 6, 2017, Heta Asset Resolution signed the sale of non-performing loans in the amount of 163 million euros in connection with four retail parks and shopping centers in Croatia to the Austrian Supernova Group.

On June 27, 2017, Heta signed a sales contract for the Bulgaria subsidiary.

Web links

Individual evidence

  1. ↑ Heta Asset Resolution AG , accessed on November 30, 2016
  2. ↑ Hypo Alpe-Adria-Bank International AG: Termination of the banking license and continuation as a dismantling unit (PDF), accessed on November 30, 2016
  3. ↑ Heta Asset Resolution AG , accessed on November 30, 2016.
  4. ↑ Management Board of Heta Asset Resolution AG , accessed on November 30, 2016.
  5. ↑ STANDARD Verlagsgesellschaft mbH: Heta: Cash register full, boss leaves . In: derStandard.at . ( derstandard.at [accessed on July 10, 2017]).
  6. ↑ Supervisory Board of Heta Asset Resolution AG , accessed on November 30, 2016.
  7. ↑ Heta downsizing is progressing - board member Schiefer leaves . Article dated March 20, 2019, accessed April 1, 2019.
  8. ↑ Heta Annual Financial Report 2014, p. 271, accessed on November 30, 2016.
  9. ↑ Results from the Asset Quality Review (AQR), liquidation measures regarding HETA ASSET RESOLUTION AG according to the Bank Liquidation and Reorganization Act (BaSAG), accessed on November 30, 2016.
  10. ↑ Financial Market Authority as the resolution body , accessed on November 30, 2016.
  11. ^ The state is dropping Hypo , accessed on November 30, 2016.
  12. ↑ BMF: No more fresh tax money for HETA, formerly Hypo ( Memento of the original from December 1, 2016 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. accessed November 30, 2016.  @1@ 2Template: Webachiv / IABot / www.bmf.gv.at
  13. ↑ Heta: Deutsche Banken und Hypos are bleeding , accessed on November 30, 2016.
  14. ↑ Heta lawsuits by German banks are increasing , accessed on November 30, 2016.
  15. ↑ Bavaria makes bad bank peace with Austria , accessed on November 30, 2016.
  16. ↑ FMA orders the liquidation of Heta Asset Resolution AG by decision , accessed on November 30, 2016.
  17. ↑ Schelling and Munsberg: Way paved for the Hypo comparison , accessed on November 30, 2016.
  18. ↑ Heta offer accepted: Insolvency is off the table , accessed on November 30, 2016.
  19. ↑ Heta creditors accept offer, Carinthia's risk of bankruptcy dwindles, accessed on November 30, 2016.
  20. ↑ Good news for taxpayers: Heta debt haircut smaller . In: The press . ( diepresse.com [accessed July 10, 2017]).
  21. ↑ STANDARD Verlagsgesellschaft mbH: Heta pays creditors 5.8 billion euros ahead of schedule . In: derStandard.at . ( derstandard.at [accessed on July 10, 2017]).
  22. ↑ Hypo: Heta is reducing assets and employees , accessed on November 30, 2016.
  23. ↑ Company presentation of Heta Asset Resolution AG , accessed on November 30, 2016.
  24. ↑ Heta Asset Resolution - Presentation - Wind-Down Plan according to GSA , accessed on November 30, 2016.
  25. ↑ Heta: 5.8 billion for the creditors of Hypo Alpe Adria . In: www.kleinezeitung.at . ( kleinezeitung.at [accessed on July 10, 2017]).
  26. ↑ Press release: Sales negotiations on the SEE network with Advent International and EBRD concluded , accessed on November 30, 2016.
  27. ↑ http://www.aaaplatform.com
  28. ↑ Hypo: Yachts and cars sold for 50 million euros , accessed on November 30, 2016.
  29. ↑ Heta sells hotel and marina in Split , accessed November 30, 2016.
  30. ↑ US financial investor Lone Star buys Balkan-Immos from HETA , accessed on November 30, 2016.
  31. ↑ Heta has sold Italien-Leasing to Bain subsidiary , accessed on November 30, 2016.
  32. ↑ Heta sells shopping centers in Slovenia , accessed on November 30, 2016.
  33. ↑ Heta half-year results 2016 , accessed on November 30, 2016.
  34. ^ STANDARD Verlagsgesellschaft mbH: Heta has money back from Balkan Hypos . In: derStandard.at . ( derstandard.at [accessed on July 10, 2017]).
  35. ↑ In Croatia: Grazer Supernova takes over shopping centers from Heta . In: www.kleinezeitung.at . ( kleinezeitung.at [accessed on July 10, 2017]).
  36. ↑ Tiroler Tageszeitung Online: Heta has sales agreement for Bulgarian bus fleet | Tiroler Tageszeitung online - news from now! In: Tiroler Tageszeitung Online . ( tt.com [accessed July 10, 2017]).