Bitter bankruptcy of a private brewery

Die forstauers GmbH based in Landl in Styria has loud Credit reform applied to the Leoben regional court to open restructuring proceedings without self-administration. The debtor currently only employs two employees. All wages and salaries have been paid.

The background

“The line of business registered in the commercial register includes the operation of restaurants and pubs, bars and buffets, the operation of a brewery, beverage production and trading, rental and leasing as well as hotel operations,” says the company. “In fact, the debtor now runs a brewery and also generates income from the sale of electricity or energy from a power plant it rents itself and from renting two holiday homes to holiday guests. These holiday homes are also not owned by the company, but are rented from a third party. The catering business that was originally operated was discontinued in 2023.”

Debts and assets

The debts are valued at 393,300 euros, of which 313,000 euros are in loans to the financing bank and 80,000 euros are in other liabilities. “The account holder and borrower of the two loan accounts is the debtor. The loans are secured by mortgage on a farm that is privately owned by the debtor’s partners,” it continues.

The future

“The debtor is endeavoring to obtain a declaration of arrears from the financing bank, which is to be expected in view of the full security of the loan liabilities,” it says in the insolvency application. “A bank meeting with the involvement of the tax advisor has been arranged for the coming week.”

The renovation

The creditors should be offered a restructuring plan with a 20 percent quota. “The restructuring plan quota should be generated within the two-year period by continuing the company. After discontinuing the loss-making catering business, the debtor will have a significantly leaner cost structure,” says the company. “The current business areas (brewery and beverage sales, electricity and energy sales from the power plant as well as the rental of the two holiday homes) will allow for very positive management in the future after an initial review of the figures and based on the budget that is currently being prepared.”