All bad things come in pairs! After Hitzinger GmbH entered a restructuring process in September 2018 and was subsequently acquired in March 2019, the power supply system specialist is now on the verge of final collapse. Bankruptcy proceedings were opened in Linz. Debt: about 29.7 million euros.
It was no longer a secret that dark clouds had gathered over Hitzinger Electric Power GmbH. But everything happened very quickly: Bankruptcy proceedings were opened against the specialist in power supply systems from Linz on Monday. According to the creditor protection associations, the company’s debts amount to about 29.7 million euros. The assets are valued at 8.3 million euros.
After the bankruptcy in autumn 2018, Dörflinger Management & Beteiligungs GmbH and LITOP-Management GmbH took over the employees, machines and brand rights of Hitzinger GmbH, which was in turmoil, and continued the company as Hitzinger Electric Power GmbH.
169 employees affected
The stores have been very loss-making recently. There were losses of more than one million euros per month. A renovation and continuation is not planned at the moment. 169 employees are affected.
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.
