There is again talk of bankruptcy in Burgenland: the earthmoving company Gruber & Söhne from Bad Sauerbrunn has gone bankrupt. The total claims amount to almost 800,000 euros
The company was also active in garden and landscaping, as well as in the construction of sewer and house connections, natural swimming pools, chlorine and salt water swimming pools. At least 37 creditors are affected by the bankruptcy. The total claims amount to approximately 768,000 euros.
Consequences of the Corona crisis
According to the Alpine Creditors Association, the decline in assets was due to significant investments during the Corona pandemic, which ultimately proved unfinanceable during the period of sharply increased interest rates and the almost complete collapse of one of the debtor’s market segments, namely single-family homes . build.
Continuation planned
The goal is to continue the business. Debt relief must be achieved as part of a restructuring plan. Under the currently available restructuring plan, creditors should receive a 20 percent quota, payable within two years, to settle their claims. The curator is the law firm Kosch & Partner in Eisenstadt.
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.
