The over-indebtedness of the company, which operates two chalet villages in the Nockberge, amounts to 17.4 million euros, the Credit Protection Association of 1870 (KSV) announced in a press release. 33 employees and 120 creditors are affected and the company is to be continued. The corona pandemic is cited as the reason for the bankruptcy.
According to KSV1870, liabilities amount to 34.5 million euros compared to assets of 17.1 million euros. Most of the liabilities are due to private lenders (around 66 percent) and to people from the shareholder sphere (30 percent). The restructuring plan provides for a quota of 20 percent within two years of acceptance. They now want to deepen ongoing discussions with investors and sell “commercial goods”, and parts of the company are also to be spun off.
Corona brought operations to their knees
The two holiday villages are located at around 1,400 meters above sea level and have a total of 51 chalets. The company said that in recent years there have been declines in sales and liquidity bottlenecks due to the pandemic. In view of this, numerous measures were taken, for example the number of employees was reduced and remaining staff were registered for short-time work. Loans were also taken out, individual properties and chalets were sold and Covid-19 funding was used. In addition, negotiations were held with investors who were interested in purchasing properties or investing in companies. However, all of this did not lead to “any significant improvement in results”.
