Gold cubes as a lifeline: Hallmann's restructuring plan approved!

Gold cubes as a lifeline: Hallmann's restructuring plan approved!

On Tuesday, the Vienna Commercial Court approved Klemens Hallmann's restructuring plan, which represents an important step towards stabilizing his financial situation. The restructuring plan, which was submitted in August 2025, affects Hallmann as a registered entrepreneur, but not HALLMANN Holding. The process will continue under self-administration, which gives Hallmann the opportunity to manage and restructure its assets independently. Hallmann thanked the creditors for their trust and emphasized the crucial importance of implementing the restructuring plan in order to get the company back on a positive course.

The Viennese real estate entrepreneur's insolvency proceedings were opened on August 21, 2025. The majority of creditors have approved the restructuring plan with a total quota of 35 percent, although there is the possibility of increasing this quota to up to 45 percent through a super quota. To date, claims totaling 141.6 million euros have been registered, of which 125.9 million euros have been recognized. This illustrates the magnitude of the financial challenges that Hallmann is facing. The success of the restructuring plan also depends on the restructuring of Hallmann Holding International Investment GmbH, which brings additional complexity to the process.

Role of the gold cube in the restructuring process

A special element in the renovation plan is the gold cube Castello Cube, of which Hallmann owns a third. This unique work of art made of 24-carat gold weighs 186 kg and has a pure gold value of over 20 million euros. The exploitation of this work of art could play a decisive role in repaying the debt. Creditors have the option of receiving a super quota through the realization of the Castello Cube, provided that a certain amount of proceeds are generated. The restructuring plan quota should be raised through the orderly utilization of the debtor's assets.

In order to implement the secured payment plan, creditors must submit a declaration of arrears for contingent liabilities that result from liabilities for financing project companies. The first payment of 10 percent and the procedural costs are due by February 28, 2026. A further 10 percent is to be paid within twelve months and 15 percent within 24 months of acceptance of the restructuring plan. A trustee, Stephan Riel, will be assigned to Hallmann to manage the assets under certain conditions.

The context of the restructuring process

Insolvency proceedings are an important way for companies to free themselves from financial difficulties and strive for economic recovery. As explained on the IHK Competence website, insolvency proceedings are opened when a company is unable to meet its financial obligations. The aim of a restructuring process is to restructure the business and strive for a positive economic course. This approach can be crucial to support companies in critical phases and ensure their viability.

With the approval of the restructuring plan, Klemens Hallmann and his creditors are now faced with a challenging but also potentially promising task: the implementation of the planned measures and the return to a stable economic basis.