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Sometimes bankruptcy can become a restructuring process. The Linz-based guitar learning start-up Fretello filed for bankruptcy in November. Now the investors have agreed to a restructuring because they believe in the business model.
The number of bankruptcies is rising sharply this year. In the first quarter, 200 companies in Upper Austria filed for bankruptcy. According to an extrapolation by the creditor protection association KSV1870, this is an increase of 70.9 percent. “For the first time, the number of insolvencies is exceeding the pre-Corona level,” says KSV expert Petra Wögerbauer. She expects around 700 bankruptcies in Upper Austria by the end of the year. In addition to the bankruptcies and restructuring proceedings that were opened, the number of bankruptcies whose proceedings were not opened due to a lack of cost coverage also rose by 61.3 percent to 71 cases.
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Source: Nachrichten
