Refurbishment plan for Teufelberger subsidiary in Wels accepted!

Refurbishment plan for Teufelberger subsidiary in Wels accepted!

Wels, Österreich - On May 22, 2025, the renovation plan for the Teufelberg company mbH, a company of the Teufelberger Group, was adopted at the Wels Regional Court. This decision comes according to a renovation process that was requested without self -administration. The company, which produces plastic bands and employs 186 people, is the smallest and youngest member of the Teufelberger Group. This group divides into the business areas Wire Rope (steel ropes), rope (fiber ropes) and Strapping Solutions (plastic-masking tapes). The Strapping Solutions area, which appeared as an independent GmbH and registered bankruptcy, is particularly affected by the bankruptcy.

A total of 406 claims with a total value of 30.2 million euros were registered with the insolvency proceedings. According to the credit protection institutions AKV, KSV1870 and Creditreform, around 14.1 million euros of these claims were recognized as justified. Creditors can assume a quota of 30 percent, which enables at least partial compensation of their claims. The continuation of the company is planned in a renovation plan, which brings hope for a positive turn for the employees and creditors concerned.

background to bankruptcy

The registration of the bankruptcy is part of a regulated insolvency procedure that aims to promote the compensation between over -indebted debtors and their creditors. Insolvency means that a debtor cannot meet his payment obligations, and the bankruptcy regulations regulate the disputes by the courts. The trend of corporate insolvencies shows that the numbers in Germany fluctuate for various reasons, but also affected large companies. In 2023, for example, 17,814 corporate insolvencies were registered, which is an increase compared to the previous year. North Rhine-Westphalia recorded the highest number of bankruptcies.

An example of a great bankruptcy is Galeria Karstadt Kaufhof GmbH, which in 2024 registered bankruptcy for the third time and, despite these imponderables, was able to receive many of its department stores by entering a new investor and saved 12,000 jobs. The bankruptcies in Germany show the complex and challenging situation for many companies in the current economic situation.

The decision for a renovation plan in the Teufelberger Group could therefore also be seen as a positive signal that even smaller companies are able to restructure and continue their business, despite the major challenges that the market currently has.