The majority of the 231 creditors approved the restructuring plan today at the Vienna Commercial Court. Of the recognized debts amounting to around 5.4 million euros - around 5.5 million euros had been registered - they will receive 21 percent within two years, as announced by the credit protection associations AKV, Creditreform and KSV1870.

"In the next few years, sales are to be significantly increased and the company is to be returned to the profit zone," said Creditreform insolvency expert Stephan Mazal on Wednesday.

The acceptance of the restructuring plan is a milestone that marks a decisive step towards stability and long-term future security of the traditional company, the company said. "This approval is an overwhelming vote of confidence and shows how strong the support of our partners is," Hoschek emphasized in an initial reaction. "I am deeply grateful for the great cooperation with all those involved - from our employees to our suppliers."

Creditors to Receive 21 Percent of Claims Within Two Years

According to the credit protection associations, the creditors will receive the first partial quota of 7 percent within 14 days of the legally binding confirmation of the restructuring plan. The remaining two partial quotas of 7 percent each are then to be generated from the continued operation of the debtor company over a two-year fulfillment period and are to be paid within twelve and 24 months.

The internationally known fashion company Lena Hoschek GmbH, based in Vienna, operates boutiques in Graz and Vienna as well as an online shop. Initial restructuring measures have already been initiated. According to Creditreform, the number of employees has been reduced from 47 to 42 since the opening of insolvency in the fall. Furthermore, according to AKV, sales increases are planned "through targeted sales and marketing activities as well as through the timely placement of goods in the respective seasons".

Despite the difficult conditions, the employees of Lena Hoschek GmbH have been able to "ensure the operational performance of the company and exceed expectations" in recent months, according to the Graz fashion designer. "Everyone has contributed with full commitment to mastering this challenging time - this is not a matter of course and makes me incredibly proud and grateful." The challenges of the past could be mastered thanks to the enormous appreciation and trust of the customers.

Hoschek Looking for Partners

With the acceptance of the restructuring plan, Lena Hoschek GmbH is now entering the next phase: The company now has the task of ensuring operational resources in the long term and is initiating discussions with potential partners. "We are confident that we can secure the future of our company sustainably through targeted collaborations and a strong foundation," explained Hoschek.

"If the agreed total quota of 21 percent is met, the company is finally freed from its financial burdens," said KSV1870 expert David Schlepnik. "With the acceptance of the restructuring plan, the foundation for a successful restructuring of the company has been laid."

Graz Native Founded Company 20 Years Ago

The company, which the Graz-born Hoschek founded in 2005 as a sole proprietorship, had to file for bankruptcy in mid-October 2024. A restructuring procedure without self-administration was opened. Despite initial restructuring measures in the summer, this step could not be avoided. The insolvency was triggered by legacy issues from the Corona pandemic and problems in supply chains, worsened financing conditions, and burdens caused by necessary prepayments, according to Creditreform.

Under the brand Lena Hoschek, the company is active in the areas of design, development, production, and distribution of clothing, lingerie, accessories, gift items, and paper goods, as well as with its own tailor shop for custom-made products. Currently, the company is being continued under the supervision of the bankruptcy administrator Ulla Reisch.

(APA/Red)

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