Insolvency proceedings for forest companies: Creditor worries for money!
Hinzenbach, Österreich - The Bernhard Gammer e.U. in Eferding under massive pressure. The company, which has existed since 2008, is faced with serious financial difficulties due to overcapacity on machines and a strong price pressure. Like Today. Nine employees are directly affected by the crisis because their jobs are in danger.
On December 11th, a renovation procedure without self -administration was opened at the Wels regional court. The loan protection association1870 (KSV1870) explains that the company is confronted with additional pressure through an employment law discussion, in the course of which a disabled employee is exempted if they are full of salary. Despite the renovation measures that have already been implemented in the past, which showed positive effects at short notice, the high level of debt remains a major hurdle for sustainable renovation. The falling demand for construction wood as a result of the weak economy further increases the problems. A renovation plan that provides for a quota of 27 percent to the creditors will be presented in the near future, report the bodies in question.
key data for renovation
The renovation affects a total of 40 creditors and it is possible to register claims by February 5. The first creditor meeting will take place on February 20, followed by the vote on the renovation plan on March 20. Insolvency administrator Martin Stossier will carefully examine the situation and is responsible for the implementation of the procedure. As well as meinzirk.at remains to be seen whether the company is possible for further damage to the creditors to avert.