Vienna Gastro crisis: Two large restaurants in bankruptcy proceedings!

At the Vienna Naschmarkt and on the Danube Canal, two restaurants have filed for bankruptcy, which continues to burden the heavily stricken catering industry in Austria. Fischvierl GmbH, operator of a popular fish restaurant and several market stalls, fought with massive debts of 1.4 million euros, which led to an bankruptcy application. Nine employees and 57 creditors are affected by this bankruptcy, which was triggered by the effects of corona pandemic and a number of partial operating closures. The successful operation, known for freshly caught fish and seafood, has not given up hope of renovation and continuation, such as oe24.at reported.

In addition, Danube Waterfront GmbH is faced with similar challenges on the Vienna Danube Canal. This company, which was operated by a restaurant with 450 seats and was founded in 2020, had to file for bankruptcy with liabilities of around 1.668 million euros after it had achieved considerable losses in the past two years. The opening had been severely delayed due to disputes and the consequences of pandemic, which led to a lot of sales that remained behind the expectations. The bankruptcy application was brought in at the commercial court, and attempts are made to save the company through a renovation process without self -administration. A renovation plan stipulates that the creditors are offered a rate of 20 percent within two years. For a successful continuation, however, the lease has to be extended to 20 years and a reduction in the lease during the renovation plan, as Kurier.at reported.