The Graz employer PHP Management has filed for bankruptcy proceedings at the regional court. The civil engineering, road renovation and pipeline construction company had to report 120 employees to the AMS and there are still debts of 4.1 million euros.
The series of bankruptcies does not stop: this time it affects a company on Grabenstrasse in Graz – PHP Management. The debtor, owner of the construction sector, has himself filed for bankruptcy proceedings.
On the website, the company describes itself as a “partner for civil engineering projects, rapid construction of various lines and the renovation of streets, roadsides and paths”. The focus was on laying fiber optic cables and the associated excavation work.
More than four million euros in schools
According to the director, the main client changed his conditions in the spring of this year, causing the company to falter. “It is expected that the company will be closed as part of the upcoming bankruptcy proceedings. There should be no plans to restructure this company,” the 1870 Credit Protection Association wrote.
A hard blow for the approximately 120 employees now registered with the AMS. In addition, there are outstanding debts of approximately 4.1 million euros. On the other hand, there are assets of just over 500,000 euros. Creditors can now assert their claims.
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.
