Image: NIKOLAY DOYCHINOV (AFP)
The Gazprom subsidiary in Austria, based in Vienna’s Löwelstrasse, is insolvent. On Friday, the company submitted an application for restructuring proceedings without self-administration to the Vienna Commercial Court, as reported by the creditor protectors from Creditreform, KSV1870 and AKV. The debts amount to 31.4 million euros, 38 creditors are affected.
The reason for the insolvency is the cessation of natural gas deliveries by Gazprom export Ltd. in St Petersburg. The delivery stop occurred because the “delivery demands of Gazprom export ltd were seized by Uniper Global Commodities SE Germany, so that payment of the deliveries to the Gazprom export ltd to Russia, including the conversion into rubles, could no longer take place”, said Gazprom Austria through her lawyer Georg Unger. “Due to the decree of the Russian President No. 172 of March 31, 2022, the Gazprom export Ltd., is obliged to suspend natural gas deliveries.” Efforts are being made “to bring about a regulation with all those involved as part of a restructuring process”.
According to the insolvency application, the debtor intends to continue the company and to conclude a restructuring plan. However, a concrete restructuring plan proposal is not yet available.
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