Süba AG's Restructuring Plan Rejected, Bankruptcy Looms
Süba AG, a construction company under the Hallmann group, has faced a significant setback. The insolvency court has rejected its restructuring plan, leading to a conversion into a bankruptcy procedure. Wolfgang Mayrhofer has been appointed as the insolvency administrator.
The company's liabilities total around 226 million euros. Despite agreeing to a 20 percent quota by the end of July, Süba AG failed to pay the first installment by the end of September. This inability to meet the agreed terms has resulted in the court's refusal to confirm the restructuring plan. The failure of this process raises the possibility of insolvency procedures for the company's subsidiary firms.
Süba AG's restructuring efforts have fallen short, leading to a chapter 7 bankruptcy. The insolvency administrator, Wolfgang Mayrhofer, will now oversee the process. The future of the company's subsidiaries remains uncertain.
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