At the end of September, the Graz plant manufacturer Christof Industries Austria went bankrupt with 350 employees and about 66 million euros in debt. Now Christof Industries Global, which acted as a holding company in the group of companies, is also bankrupt.
This concerns about 107 million euros in liabilities with 10.6 million euros in assets and about 50 employees, according to the credit protection associations AKV and KSV1870 on Friday. The company will continue, creditors will be offered a quota of 20 percent, it is said.
Christof Industries Global has provided financing and accountability within the group. It funded itself from payments from the company’s subsidiaries. However, since not only Christof Industries Austria but also the German subsidiary Oschatz Energy and Environment is insolvent, the services charged within the group could not be covered. The cancellation of a large order also contributed to the payment problems.
The company is being restructured and continued. An investor is also being sought. Creditors will receive 10% in cash upon acceptance of the agreement and another 10% within two years.