Next million dollar bankruptcy in Upper Austria! HST Automotive GmbH from Traun filed an application to open bankruptcy proceedings on Wednesday. According to the Austrian association Creditreform, the company’s debts amount to around 6.6 million euros.
Supply chain problems, extended pre-financing periods, price increases that were not sufficiently taken into account or not taken into account at all – HST Automotive GmbH brings all of this into the bankruptcy filing when it comes to justifying bankruptcy.
The debts of 6.6 million euros are apparently offset by assets of approximately 186,000 euros.
18 employees affected
The company was founded in 2008 and is engaged in the assembly of electrical systems and special machine construction. According to the Austrian association Creditreform, 18 employees and 84 creditors have been affected. No renovation is planned.
At the beginning of 2023, a restructuring concept for HST Automotive GmbH was developed with external advisors, reports the Kreditschutzverband 1870. A silent partner has supplemented the subordinated loan. However, the concept did not work because some originally announced large orders with a volume of 3.9 million euros were not placed or postponed.
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.
