A well-known fiber optic company goes bankrupt for millions – 112 employees affected

“PHP MANAGEMENT is your partner for civil engineering projects, rapid laying of various cables (e.g. fiber optic/electricity/water pipes, etc.) renovation of streets, shoulders and paths. We work quickly, with high quality and reliably“using innovative technology,” it says on the company’s homepage.

We’re talking about the PHP Management GmbH based in Graz. She has loud AKV, Creditreform and KSV1870 on Tuesday at the regional court for ZRS Graz to open an application Kbankruptcy proceedings placed. The proceedings have already been opened. 112 employees are affected by the bankruptcy. They will lose their jobs.

The company was only founded in May 2023 and has three fields of activity: “Laying fiber optic cables, disaster operations/clearance work in connection with disaster operations, as well as the care and maintenance of public and private areas. The main business area is the laying of fiber optic cables and the associated earthworks,” it continues.

The background

“The company was commissioned by Speed ​​Connect Austria (Speed ​​Connect Netzwerkerdungs ​​GmbH), which is owned by a British infrastructure investment company, which in turn is part of an international investment company, to lay micropipelines for fiber optic services,” the insolvency application states.

“Initially this was done on the basis of a management contract and machines and equipment were purchased and staff were taken on. So, on the grounds that the parent company of Speed ​​Connect Austria was conducting negotiations about the sale of the Austrian company, the management agreement was replaced by a flat-rate agreement, whereby the flat-rate price offered did not cover costs.

According to the company, the company is said to have been “put off” several times that once investor discussions had been concluded, there would be an increase in the price and that a compensation payment would be made for the transition period. At the beginning of November 2024, an open claim of around 3.28 million euros was said to have been asserted, which is now apparently disputed and has not been covered,” according to the AKV.

Debts and assets

Liabilities amount to 4.145 million euros, of which around 1.4 million euros are attributable to suppliers, around 964,000 euros to employee receivables, around 825,000 euros to tax liabilities and 230,000 euros to banks.

The company estimates its assets at around 568,000 euros. “The essential operating resources are leased or were acquired as part of a rental purchase. The extent to which the outstanding customer claims against Speed ​​Connect Austria legitimately exist or are recoverable will become clear in the course of the proceedings,” said the AKV.

No future

There are no plans to continue the company, so it will have to be broken up as part of the insolvency proceedings.