Suche
Mein Konto
Insolvency proceedings: Donaustadt company TGH is fighting for the future
Donaustädter Technische Geräte Holding is filing for bankruptcy due to debts of 1.72 million euros. The 47-year-old company is aiming for a restructuring process and wants to continue operating.
Insolvency proceedings: Donaustadt company TGH is fighting for the future
In the Danube city, Technische Geräte Holding (TGH) has filed for bankruptcy due to significant financial difficulties. The company, which is based in Obachgasse, is known for the wholesale and maintenance of gas heating systems and employs around 35 people. Despite the tense situation, the management plans to continue operations and has applied to the commercial court for restructuring proceedings.
The bankruptcy affects a debt volume of 1.72 million euros, underlining the company's financial challenges. The company has so far stopped making payments and the start of the restructuring process is imminent. This was explained by Peter Stromberger from KSV 1870, an organization that handles insolvency cases in Eastern Austria.
Background to the bankruptcy
The causes of the economic difficulties are diverse. Significant increases in gas prices and delivery difficulties have a significant impact on business operations and sales development. In addition, many companies in the industry are struggling with the challenges of a tough market environment. Despite these adversities, there are hopes for sustainable renovation. According to KSV 1870, the shareholders are prepared to make private funds available to stabilize the financial situation.
As part of the restructuring process, the 18 creditors were offered a repayment rate of 30 percent within two years, although this is only the first formal offer. The appropriateness and feasibility of this offer must now be examined in detail. The employees have received their wages up to and including October, which further complicates the current situation.
With the opening of the restructuring process, the future of TGH will now be crucial for everyone involved. The ability to continue operations while reducing debt will be hugely important not only for employees but also for creditors. Further information about the company's situation is available in a Article on www.meinkreis.at to read.