IMFARR bankruptcy: crisis plan failed-what for the creditors?

IMFARR bankruptcy: crisis plan failed-what for the creditors?

The Vienna Immobilienwicklungsgesellschaft Imfarr is on the edge of the economic abyss! The company reported that its renovation plan failed on November 29 because only 63 of the required 66 declarations of return were submitted by the main creditors. As a result, the renovation process was converted into bankruptcy proceedings. According to Imfarr, talks with the three remaining creditors are planned to convince them of supporting the renovation plan. The claims of the creditors add up to around 768 million euros, including around 573 million euros as justified, reports vienna.at .

heart of the IMFARR-REIMICHEN

IMFARR, founded in 2007, could soon no longer exist, but the list of its important properties is impressive. The company held a magnificent building ensemble at Mariahilfer Straße 47 in Vienna with a usable area of 16,000 square meters. Other objects in the city are former headquarters of Bank Austria and the historical N50 complex, which once housed the Hotel Donau. Imfarr also left his footprint in the German real estate market - with Munich urban developments and office buildings in Frankfurt, whereby it achieved public attention through great deals, such as derStandard.at reported

The difficulties of Imfarr are a sign of the challenges in the real estate industry, which has become increasingly turbulent in recent months. Experts warn that Imfarr may not be the last company that slips into bankruptcy while the sector is shaken by a pressure wave.