Image: JENS SCHLUETER (AFP)
A restructuring procedure without self-administration has been applied for at the regional court in Wiener Neustadt regarding the assets of Bushplanet Distribution GmbH & Co KG, based in Brunn am Gebirge (Mödling district). According to the company, the liabilities amount to 1.49 million euros. Around 75 creditors are affected, the Alpine Creditors Association Europe said in a press release on Friday.
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The company acts as an Austrian distributor for the most important brands in the hemp industry. A continuation is planned. The reasons given for the insolvency were high inflation in 2022 and 2023, increased energy costs, falling sales and the Europe-wide recession in the hemp industry. In addition, increasing payment defaults on the part of customers are said to have made things more difficult.
According to its own information, the company is active in the wholesale of garden products and smoking items. Among other things, hemp seeds and CBD products are sold. The restructuring plan provides for a minimum quota of 20 percent, payable within two years. Financing is planned from ongoing operations.
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