The Grieskirchen brewery has submitted an application to open restructuring proceedings without self-administration. This is reported by the creditor protection association Creditreform. It is the traditional company’s second bankruptcy within four years.
39 employees (26 workers, 13 employees) are affected. Wages and salaries have been open since January. According to Creditreform, the assets of around 766,000 euros are offset by liabilities of two million euros, with 165 creditors. The KSV1870 speaks of 3.8 million euros in liabilities and 212 creditors.
Almost four weeks ago, brewery owner Marcus Mautner-Markhof said in the OÖNachrichten: “Our beer business model works, but that’s no use if there’s no money in the till.” He’s trying to “cart out liquidity.” That apparently failed.
Miscalculated with bottled beer
According to Creditreform, the insolvency application explains that the brewery’s industrial production requires a lot of energy and that there was a drastic increase in electricity and gas costs last year. “In addition, there was an increase of 470,000 euros in production costs (packaging material and raw materials) compared to the previous year.” Before the increase, the brewery had accepted an order to produce bottled beer from Hofer. To fulfill this order, glass bottles had to be purchased from third-party suppliers, it is said. Due to the increase in costs, the calculated returns did not materialize.
The company is initially offering creditors a 20 percent restructuring plan quota payable within two years. According to the company’s own application, the plans drawn up show that the company’s continuation in the restructuring process is secured in terms of liquidity.
In 2020, the Grieskirchen brewery slipped into insolvency (restructuring process with self-administration and 30 percent quota). On December 16, 2022, it fulfilled its restructuring plan.
