Image: Syn Trac
Next million-dollar bankruptcy in Upper Austria: Reorganization proceedings without self-administration were opened today, Tuesday, at the Wels Regional Court over the assets of Syn Trac GmbH, based in Bad Goisern. This was reported by the creditor protection associations AKV and KSV1870. 43 employees are affected, the number of creditors is estimated at 145 to 156.
The liabilities amount to around 15 million euros, compared to Akiva with a book value of around 5.1 million euros. According to AKV and KSV1870, the company will be continued – with “reduced personnel costs and various production optimizations”, as they say.
Syn Trac was founded in 2010 and presented the first prototype of the vehicle at the technology fair in Hanover in 2017. Using automated docking technology, the special vehicle can change attachments such as snow blowers or loading cranes within a minute without the driver having to get out.
Corona, war, full camps
In July 2018, two new shareholders joined: AVV Investment GmbH from Ried im Innkreis, where, among others, Bar Association President Franz Mittendorfer manages the business, and Raiffeisen OÖ Invest. Despite technical improvements and reaching series readiness in the third quarter of 2023, the sales targets were not met. Corona and the Ukrainian war led to delivery bottlenecks, which significantly increased the company’s inventory.
In addition, there was a postponement of the conclusion of dealer contracts in Germany and the failure of a payment from a dealer in France.
This would eat up liquidity. The company is to be continued, including vehicle sales to an airport operator in Norway and product developments for motorway operators in German-speaking countries.
Creditors are offered a quota of 20 percent, payable within two years. On May 2nd, the creditors will vote on the restructuring plan. The insolvency administrator is the Wels lawyer Alexander Anderle.
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