The insolvency procedures by the Palmer Laundry Group, according to credit status, was opened on Friday at the Wiener Neustadt Regional Court. The traditional company had already applied for a renovation process with self -administrator on Thursday. The company must be continued. The creditors are offered a quota of 30 percent, within two years of accepting the renovation plan.
“In collaboration with the debtor, the Mandrator renovation will now check which branches can be continued or profitable” Negotiations with possible investors. “
AKV wants to check “carefully”
AKV creditor Protector Cornelia Wesauer, on the other hand, wants to look at the requested self -administration from closer. However, it was also central to her how “the investor discussions are far advanced,” said Wesenauer. The investor is previously unknown.
The washing dealer has not accepted its own green voucher -coins since Thursday. In theory, according to the loved ones, Palmers were still able to accept coins until the opening of the bankruptcy. “But I would not advise the company,” said Wesenauer, referring to the subject of creditors.
State Cofag Secure Palmers Credit
In his bankruptcy application, Palmers placed the debt (obligations) with around 51 million euros and the assets (assets) (assets) with EUR 11.50 million. Due to the bankruptcy, a 14.4 million euros in loan is heavily protected by the COVID-19 Finance agency of the Bundes GmbH (COFAG) automatically owed. According to media reports, the loan is 90 percent protected by COFAG and therefore stands. Half -2024 the COFAG was dissolved and all rights and obligations of the COFAG of financing contracts were unchanged to the federal government. On the APA request, the Ministry of Finance initially did not comment on the Causa Palmers credit and COFAG.
The SME consultant Finanzombudsmann locates many open questions about the Palmers loan allocation, including the COFAG guarantee and has therefore made an advertisement about the Financial Market Supervision (FMA). You wanted to find out “whether the minimum standards of the FMA were observed when granting this loan or whether the bridging loan has granted the road to the bankruptcy of the company”. The question was: “The return of the loan – as part of the prediction at that time – was guaranteed or not,” said the consultant. The moment the loan is granted, Palmer only had a cash flow of around 0.2 million euros.
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.
