On Wednesday, the regional court in Linz opened a reorganization procedure without self-administration via the company Small Wärme-, Klima- und Sanitäranlagen GmbH, as announced by the creditor protection associations KSV 1870 and AKV Europa.
With liabilities of 14.6 million euros, 126 employees affected and around 240 creditors, this is the largest insolvency procedure in Upper Austria this year. The installation company with headquarters in Linz has a branch in Vienna.
Corona-related failures
According to the company, pandemic-related failures in assembly teams would have led to additional financial expenditure. Agreed project schedules could only be met by purchasing leasing personnel. In addition, agreed fixed prices would have had a negative impact on earnings.
Apparently, cost increases could not be passed on to the client to the same extent. In order to avoid penalties, high external costs were accepted, especially in the Corona wave at the beginning of 2022, the credit protectors informed.
company should be continued
As reported by the OÖN in the previous week, it is planned to continue and reorganize the company. The reorganization plan submitted with the application for the opening of insolvency provides for a quota of 20 percent – payable within two years. This is to be financed from ongoing operations. The 14.6 million euros in liabilities are offset by almost 3.7 million euros in free assets.
Source: Nachrichten
