This was announced by Hallmann Holding on Tuesday. The aim is a reorganization procedure with self-administration with an offered quota of 30 percent. Hallmann Holding is not affected by the insolvency, the company emphasizes.

"Toxic market environment" as reason for insolvency

According to the documents currently available, 102 creditors with claims amounting to 95 million euros are affected by the insolvency. However, 75 million euros of this amount are attributable to guarantees, the Alpine Creditor Association (AKV) reported. Hallmann stated the assets at 5.865 million euros. These include, among other things, properties and company shares.

According to the Hallmann Group, the background of the application is a "currently exceptionally challenging and toxic market environment, which has led to significant economic burdens in recent months." The primary goal is to best protect the interests of the creditors. Existing assets are to be orderly sold within the framework of the restructuring procedure.

Developer Süba already insolvent since April

On April 14 of this year, the Commercial Court of Vienna opened insolvency proceedings over the developer Süba AG of real estate investor Hallmann. The liabilities are stated by the KSV at around 226 million euros (liquidation values), while the assets are reported by the AKV to be just under 8.6 million euros.

(APA/Red)

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