Croatian entrepreneur to take over insolvent ADA furniture maker

Croatian entrepreneur Ratko Radic will take over the insolvent ADA furniture maker in Anger near Weiz, ORF reports. The company’s restructuring plan was accepted in August, and its ADA brand will be retained.

The takeover is expected to conclude the restructuring proceedings successfully and secure financing for the company’s ongoing operations, ADA said on Monday. Its headquarters will remain in Austria, while production will continue in Romania and Hungary.

Radic established the Prima Group in Croatia and has experience in the furniture industry. Existing orders are to be completed in full, and previously promised warranty services will remain valid.

The company is also examining whether and how furniture production could be carried out in Austria. Ten ADA employees were effectively taken over as part of the change in ownership.

ADA filed for insolvency in the spring and applied for restructuring proceedings.