The Linz-based wholesaler of heating and cooling equipment had to file for bankruptcy in the spring of 2022. The intention was to continue operations, but after the restructuring plan could not be implemented, the parent company and the subsidiary now owe a total of more than 7.5 million euros – the closure is intended.
The company TGV Technische Geräte-Vertrieb Gesellschaft mbH was founded in 1978 and has been an established name on the market for decades as a specialist for heating systems, especially the Italian brand BAXI. As in many sectors, there was a huge drop in turnover as a result of the Covid-19 pandemic. As a result, a non-self-managed restructuring procedure was opened for the applicant on 2 March 2022. However, the 25% restructuring plan could not be fully implemented. The creditors’ quota should have been financed from the sale of the company’s property, but that failed. Bankruptcy proceedings were filed at the Linz Regional Court on Thursday.
Subsidiary also bankrupt
According to KSV 1870, the assets amount to approximately 354,100 euros and the debts approximately 4,365,300 million euros. Further bankruptcy proceedings were filed through TGK Technische Geräte-kundendienst GmbH. The company is part of the TGV/TGK group of companies and is therefore dependent on the fate of its parent company, TGV Technische Geräte-Vertreib Gesellschaft mbH. Here too there are debts of approximately 3,278,500 euros. A total of 19 employees have been affected. According to information in the bankruptcy filing, the two companies are planned to be closed.
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.
