Originally, the last two quotas were not supposed to be paid out until October of this year and next year. Now they will be transferred in the coming days. The creditors receive a total of 19 million euros. This was announced by the Kreditschutzverband 1870 (KSV) in a press release.
As reported, the family business with its headquarters in Steinhaus bei Wels was filed for insolvency in June 2020. The cause was an order that got out of hand. This involved a sewage sludge drying system for Wien Energie. The contract in question was later terminated in the course of the restructuring process. After deducting declarations of liability and arrears, the creditors were entitled to quota claims amounting to around EUR 75 million. On October 15, 2020, they accepted the 25 percent recovery plan. A two-year fulfillment period was planned: 10 percent within 14 days of acceptance and a further 7.5 percent each by October 15, 2021 and 2022. According to the KSV, this total of 15 percent should be transferred early in the coming days.
The company had already given “a positive sign of life” at a press conference this February. In all departments there will be an occupancy rate of eight months for 2021. And new orders made up a double-digit million amount, it was said at the time. All in all, she is in a “comfortable situation”. One owes this on the one hand to the “enormous customer support”, which is evident from the order situation, but above all to the 1,700 employees who stayed on during the renovation “despite immoral offers”. 120 employees had to leave the company in the course of the restructuring process.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
