Despite state support, the Zurndorf company submitted a renovation application shortly before New Year’s Eve. However, the company will continue to exist.
Just last year, the country purchased around 200,000 bottles from the renowned winery to secure the company’s liquidity. Ultimately, this measure was not enough: the A-Nobis sparkling wine cellar of Norbert Szigeti – his brother Peter runs the also very well-known Szigeti sparkling wine cellar in Gols – has filed for bankruptcy. Reorganization proceedings without self-government were initiated at the Eisenstadt Regional Court.
6 million euros in debt
The total debts amount to more than 6 million euros. This compared to 1.2 million active assets.
The insolvency proceedings affect 70 creditors. The Alpine Creditors Association reports that there are currently twelve employees working at A-Nobis. They are already waiting for their wages and Christmas allowance in November.
The corona pandemic is cited as a trigger for the bankruptcy. At that time, the sparkling wine cellar could not generate the planned turnover. Furthermore, A-Nobis failed to raise the funds to pay for the new building in Zurndorf or to find an investor.
To ensure that business can continue, a restructuring plan was presented. The intention is that creditors will receive a quota of 20 percent. This is financed by the continuation of the company and by third parties. The winery and estate will be acquired and operated by Hipster Invest GmbH – which should generate €4.2 million. The company itself is moving to Gols.
Bottles stay with the land
And the 200,000 bottles of raw sparkling wine? The plan was for A-Nobis to buy them back after three years. That is now outdated. Instead, these should be sold on the open market. Discussions are already underway with two interested parties, explains Michael Gerbavsits, director of Burgenland Business Agency.
There will be no financial loss to the country. A bank took on the other half of the risk. She also has bottles stored as collateral.
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.
