Major insolvency of ERR Rail Rent Vermietungs GmbH
Interest rate swap business and failed negotiations about selling parts of the wagon fleet made ERR Rail Rent Vermietungs GmbH a case for reorganisation
On 2 October the commercial court in Vienna has opened a reorganisation proceeding with self administration about the assets and liabilities of ERR Rail Rent Vermietungs GmbH, Vienna – 1010, Sterngasse 2/29. The company’s object is freight wagons rental. The debtor owns about 3,900 wagons. Creditors are offered a reorganisation plan with a rate of 30 per cent, to be paid within two years, as the Austrian association for the protection of creditors KSV 1870 informs in a press release.
Interest rate swap business from 2007 and 2008 were the reason for the current imbalance of the company, states the ERR management. As a consequence investments scheduled for 2013 could not be implemented.
By the end of the first quarter of the year 2014 negotiations started about selling parts of the wagon fleet, but failed. Also extrajudicial reorganisation measures could not be completed successfully.
Facts and figures of the insolvency:
Affected employees: 3
Affected creditors: about 7
Assets: EUR 186 million
Liabilities: EUR 209 million
Closing date for registration: 30.10.2014
Date for the verification of claims: 13.11.2014
Date for the reorganisation plan: 18.12.2014
www.ksv.at
Quelle: LogEastics
Portal: www.logistik-express.com
