Legal remediation process of M-Oil Trading GmbH

Plan to save M-Oil Trading GmbH despite liabilities at the amount of EUR 35 million by means of a remediation process without self-administration
 
On 4 June a remediation process without self-administration about the assets and liabilities of M-Oil Trading GmbH in Ried im Traunkreis (Upper Austria) was opened at the regional court Landesgericht Steyr. The insolvency of the enterprise specialising in trade with fuel and heating oil affects around 200 creditors and 47 employees (31 persons at the principal office). In case of liquidation assets will amount to EUR .38 million, while liabilities amount to more than EUR 35 million.
 
The legal remediation shall save the enterprise. “There is a financial plan for the coming weeks, showing surplus from operative business. Based on these positive figures and on payments on account also suppliers shall be able to maintain their delivery contracts, which in turn is the basis for the continuation and success of the remediation“, informs KSV 1870, the Austrian association for the protection of creditors. Creditors will officially offered the legal minimum quota of 20 per cent, to be paid within two years.
 
The transport company was established as Minichmair Transport u. HandelsgmbH in 1978. They changed their name to M-Oil Trading GmbH in 2005. Today the company has some subsidiaries and operates a fuel card network for cashless fuelling of commercial fleets with partners’ and own fuel stations on major trade lanes in Europe, as well as wholesale with fuel and heating oil. Since 1988 they operate the truck shop near the motorway junction Voralpenkreuz.
 
KSV 1870 describes the development of M-Oil Trading in its latest history as follows: “In the past years the annual turnover of the corporate group increased to EUR 270 million. However, the expansion through the business model of fuel cards and deficits in the receivables management accumulated remains. Increasing price fluctuations in the fuel sector had negative effects on the business results, and so did the financial and economic crisis starting in autumn 2008, which had severely affected many customers of M-Oil Trading. Since 2010 they have been making efforts to consolidate and lately they negotiated with an investor. These negotiations failed due to risks of the accumulated remains that could not be excluded.”

Quelle: LogEastics

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