Hofer Gruppe from Wilfersdorf became insolvent

Remediation process with self-administration and bankruptcy shall whip the insolvent Hofer group into shape again
 
A remediation process with self-administration and bankruptcy of the assets and liabilities of the subsidiaries of the Hofer group based in Wilfersdorf im Weinviertel was opened at the start of the week. The affected companies are active in the segments transport, building material trade, construction business and planning at several locations.
 
According to the association for the protection of creditors KSV 1870 the insolvency affects about 300 employees and about 280 creditors. The liabilities exceed the assets by around EUR 17 million.
 
In the course of the applied remediation process with self-administration the indebted parties offer a 30 per cent quota, to be paid within two years from acceptation. The enterprises are to be continued. Regarding the applied insolvency proceeding the enterprise will be closed and liquidation of assets is planned.
 
The reason for the declining assets was slump in profit in the frame of the roofing business of the Hofer group, which resulted in higher demand for financing. “As substantial assets are tied up to real property, it was not possible to produce liquidity on the short term. Negotiations with banks failed. The credit lines were declared payable“, KSV 1870 informs. The financing of the individual remediation plans shall be carried out mainly by selling non-operating properties and continuation of remediable companies.

Quelle: LogEastics

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