The next million-dollar bankruptcy in Upper Austria: Restructuring proceedings have been opened for Linz-based 7lytix GmbH. The software company is a specialist in the field of artificial intelligence and wants to help companies in all kinds of areas by analyzing large amounts of data. Now you need help yourself.
‘Don’t admire the problem. Solve it. With AI – this is how 7lytix GmbH from Linz promotes its services on its website. The software company specializes in the fast and accurate analysis of data volumes and has won several awards in the past, as well as clients such as the ÖBB Rail Cargo Group.
The applications for the know-how of the Upper Austrians are wide: from the predictive maintenance of systems, which is made possible, to the optimization of direct marketing activities.
1.96 million euros in debts
Eight years after its founding, a non-self-governance restructuring procedure for the company was opened on Tuesday. According to the Credit Protection Association 1870, debts amount to 1.96 million euros, while assets amount to around 269,000 euros.
How did financial problems arise? In addition to causes such as the corona pandemic and the war in Ukraine, the decline in the competitiveness of European industrial and commercial companies is also included in the race. The latter in turn led to cuts in research, development and marketing budgets.
Reduction of six employees planned
As things currently stand, the restructuring plan offers creditors a quota of 20 percent. In order for the sequel to be successful, six employees will also be dismissed.
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.
