Three Obrist companies face insolvency with reported debts of €31.8 million

Three companies within Austria's Obrist Group are insolvent, with reported combined liabilities of approximately €31.8 million. The group developed Tesla prototypes fitted with combustion engines. Its Obrist Engineering business reportedly remains outside the insolvencies.

The reported debts comprise €18.9 million at Obrist Powertrain, €6.1 million at Obrist Technologies and €6.8 million at Germany's Obrist DE. The three businesses employ 14 people in total. Founder Frank Obrist attributed their difficulties to development expenses, insufficient revenue and unsuccessful investor negotiations.

Obrist's HyperHybrid technology combines a battery with a compact combustion engine that generates electricity. The company used Tesla vehicles, including a Model 3, to demonstrate the system. Those prototypes formed part of its effort to offer hybrid propulsion technology to automakers.

Insolvency proceedings for Obrist Powertrain and Obrist Technologies opened in Feldkirch on September 30. Both cases have a November 2 deadline for creditor claims and hearings scheduled for November 16. An assessment of Obrist Technologies' assets is needed before creditor recovery prospects can be established.