According to the creditors’ protection association KSV1870, seven employees and 37 creditors are affected by the bankruptcy. The liabilities amount to 1.1 million euros, and real estate assets are stated as assets.
The Blaha couple took over the company from the founder in 1990 with high liabilities. The high interest burden is cited as the reason for the current insolvency.
After the couple retired, the plan was to hand the company over to their son. The high liabilities prevented this. Even selling the property would not have changed this.
The creditors are being offered a quota of 20 percent, payable within two years. The insolvency application states that the company can continue to operate very well without interest charges. The planned restructuring should enable the traditional company to be handed over and continued.