Refurbishment of BAGE Plastics GmbH: Creditor plan unanimously!

Refurbishment of BAGE Plastics GmbH: Creditor plan unanimously!

Linz, Österreich - On February 28, 2025, the Linz Regional Court approved a renovation plan in the case of "Bage Plastics GmbH", the company has been in the bankruptcy proceedings since November 2024. The Alpine Officer Association (AKV) had previously explained the bankruptcy as a result of the global price recession, which made it impossible to manufacture cost -covering products. Around 300 creditors are affected by the company's liabilities, which amount to around 18 million euros. During the voting on the renovation plan, 289 claims of EUR 13,777,636 were registered, most of which were recognized. The plan was unanimously accepted what the company gives the company a new glimmer of hope after there was a struggle with financial difficulties.

Details of the renovation plan

The approved renovation plan includes adapted payment modalities that should enable “Bage Plastics GmbH” to pay their liabilities. In the event of a rejection of the plan, the creditors would have been confronted with a distribution rate of only 9.5 percent, a hard blow for everyone. The renovation plan stipulates that the debtor is freed from the obligation to compensate for failures to the creditors, regardless of whether they participated in the procedure or not. This means that claims are also recorded that have not been officially registered, which could make the Situation complicated for the creditors, since they themselves are responsible to submit their claims in good time, such as ksv.at

These regulations promote cooperation between debtors and creditors in order to avert the consequences of bankruptcy. Despite the highly complex legal situation and the considerable liabilities, such renovation plans can help companies recover from financial setbacks and come back on a stable economic basis, which is of enormous importance in the current economic climate.