The following bad news for the troubled factory manufacturer Christof Industries from Styria: As a result of the bankruptcy of Christof Industries Austria, the holding company Christof Industries Global now also had to apply for restructuring proceedings. The liabilities amount to approximately 107 million euros. 50 employees are affected.
The bankruptcy of Christof Industries Austria in September was the largest bankruptcy in Styria so far this year. In the meantime, however, the future of the company seems safe, as curator Alexander Isola announced in mid-November. But as a result of this bankruptcy, Christof Industries Global, the next holding company of the Graz company, had to file for bankruptcy. “This measure is a result of the ongoing insolvency procedure, in which guarantees have now been drawn on the holding company. Therefore, a restructuring process has become urgently necessary,” the company said.
intended to continue
In addition, a large order was allegedly canceled by the client (“wrongly”). According to KSV1870, AKV and Creditreform, the liabilities are given at approximately EUR 107.155 million, the assets are valued at EUR 10.61 million. There are currently 50 employees working in the company, which will in any case continue. A restructuring plan is offered, offering creditors a quota of 20 percent, ten percent as divisible quota and ten percent within 24 months.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
