Klemens Hallmanns Süba AG in front of ruin: Creditors worry about millions!

Klemens Hallmanns Süba AG in front of ruin: Creditors worry about millions!

Wien, Österreich - The Current situation around Süba AG , an important developer, throws high waves in the Austrian real estate industry. After the failed attempt to create liquidity through the sale of real estate, Süba AG had to register bankruptcy. The application for a renovation process without self -administration was submitted to the Vienna Commercial Court on Monday.

The Süba AG, which belongs to Hallmann Holding International Investment GmbH and is indirectly under the control of the investor Klemens Hallmann, currently has 95 creditors and debts of around 226 million euros. The reasons for the bankruptcy are diverse and are in a "toxic environment" on the real estate market, rapid interest increases, higher construction costs and sharply regulatory requirements justified. Klemens Hallmann admits that the company's management has made mistakes.

future steps and effects

The bankruptcy proceedings stipulate that creditors can register their claims by May 30th. A renovation plan is proposed that provides for a repayment rate of 20 percent within two years. This plan is to be financed through the continued operation of the company and the support of an investor. The insolvency administrator, Patrick Gensbichler, will monitor the further steps.

The Süba AG itself does not have properties, but only participations in projects that are outsourced in external “propco” companies. Several planned real estate sales failed to create liquidity because two deals burst at the last second. As a result, in some cases it is expected to return to the creditors of only 3.6 percent.

A look at the industry

The bankruptcy of Süba AG is not alone. The data of Statistics Austria show that the bankruptcies in the construction and real estate sector have increased significantly in recent years. In the first quarter of 2021, the recording of bankruptcies was regulated by law, and it can be observed that the market is increasingly under pressure.

The economic decline of Süba AG is striking: While the company recorded a surplus of 15 million euros in 2021, the loss fell to 23 million euros in 2023. This dramatic turn also contributed to the bankruptcy of the central subsidiary, the Süba Bau, which went bankrupt at the end of 2024.

The upcoming first creditor meeting takes place on Thursday at the Vienna Commerce Court, where the Situation of the creditors and the future course of the bankruptcy proceedings will be discussed. In the meantime, Hallmann Holding is planning to realign its real estate business, with a stronger focus on existing real estate and a reduction in new projects in the shopping and retail area.