Once again there is bad news from the Carinthian economy: another million dollar bankruptcy was announced on Monday. 120 creditors and 33 employees are affected!
The well-known mountain village “Seinerzeit” in Pattergassen, founded in 1994 as a public limited company, filed for bankruptcy on Monday at the Klagenfurt Regional Court. At approximately 1,400 meters above sea level, two chalet villages operate in a rural atmosphere. Services are offered such as overnight stays in chalets and mountain huts with wellness and spa areas. There are also several restaurants. The board of directors of the stock company is Prince Alfred of Liechtenstein.
“The debts amount to approximately 34.5 million euros,” says the Alpine Creditors Association. These debts are largely owed to private lenders (approximately 66 percent), but also to shareholders (approximately 30 percent). “The other debts belong to suppliers and customers,” says the AKV.
Restructuring plan with 20% quota
The causes that led to the million-dollar bankruptcy are mentioned only sparingly. “It was simply explained that the debtor (the Almdorf) was insolvent.” However, the decisive factor would be the corona crisis and the associated lockdowns. “The debtor was not spared. Despite intensive restructuring and renovation measures such as shortening working hours, reducing the number of employees, selling individual chalets and properties and much more. “The current bankruptcy could not have been prevented,” the report continues. Nevertheless, the company is capable of restructuring and is worth it.
Employees shocked
The employees of the tourist company were completely shocked on Monday. They would only have learned of the bankruptcy through the media. There had already been redundancies in advance: “The staff was reduced to a core team,” employees told the “Krone”.
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.
