The car accessories chain Forstinger, which went bankrupt for the third time in July, can now continue as normal. The creditors have accepted the restructuring plan, which gives them a total quota of 20 percent.
In a first step, the current 275 creditors will receive a cash quota of five percent, which is deposited with the curator as security before the hearing. After twelve and 24 months, another 7.5 percent is paid out.
Forstinger now wants to position itself as the address for all matters related to driving and is also available for motorcycle and e-bike owners. The workshops are expanding their range of services. 73 of the 87 locations have been preserved, most recently a new branch was opened in Vienna. The staff cuts affected sixty employees.
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.
