Image: HELMUT FOHRINGER (APA)
Because a rejection of the restructuring plan would have led to the closure of all remaining locations and dismantling, the 20 percent offered was appropriate, according to the reports from AKV, Creditreform and KSV 1870.
This would have meant that liabilities would have skyrocketed to up to 277 million euros due to claims for damages and termination claims, according to the AKV. The insolvency administrator calculated that this would have resulted in a rate of only 6.6 percent.
As of today’s restructuring meeting, 131.57 million euros in claims from 512 creditors and employees had been recognized. The creditors will be paid 20 percent, ten percent as a cash quota within 14 days of confirmation of the restructuring plan, and a further five percent in 16 months or 24 months.
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