Since the beginning of February it has been known that the Grieskirchen GmbH brewery was in financial difficulties because the January wages could not be paid. Now the beer manufacturer officially needs restructuring again: according to the Kreditschutzverband 1870, its debts amount to approximately 3.8 million euros.
Four years after a successful restructuring process, the financial hole at the Grieskirchen GmbH brewery was once again too big: The company filed for restructuring proceedings on Monday and is offering its creditors a 20 percent quota, to be paid within two years, according to the Credit Protection Association 1870.
39 employees affected
Ultimately, the request no longer came as a surprise. The beer producer’s problems became known at the beginning of February when wages for January could no longer be paid. What happens next for the 39 employees will depend on the liquidator and the necessary steps in the restructuring process.
What are the reasons for the current bankruptcy? Brouwerij Grieskirchen GmbH mainly mentions the increased energy and production costs, and in addition, raw materials and packaging were much more expensive than originally planned. According to Creditreform, the calculated returns for an order with a food retailer were disappointing because the purchase of bottles was too expensive.
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.
