“Until the end, very constructive conversations with all the essential stakeholders, in particular the financing banks, the owner and other financial believers have been conducted in order to implement a solvent restructuring concept by adjusting repayments, deferrals and through bridging financing,” says the application. “Unfortunately, an essential financial creditor at the end of March 2025 was completely surprising (…) the extrajudicial restructuring efforts.” This creditor is said to have initiated judicial executions against the Süba.
As a result, the Süba had to pull the ripcord and register bankruptcy.
The company’s figures notice that the liabilities of EUR 226.37 million are only offset by free assets of 8.66 million euros. The Süba Group was financed largely via banks in which money was accepted for the purchase and development of properties. These financing, in particular, recorded the ownership companies, i.e. the Süba daughters. The Süba has a total of 44 subsidiaries.
High liability
The banks are secured by mortgage libraries and liability of Süba AG. Süba liability compared to banks alone amounts to 74.36 million euros. In addition, the Süba has set up money from other investors, which is secured by business and profit shares in the Süba Group companies.
Süba AG intends to continue the company. For this purpose, properties are to be sold promptly to secure the operational operation of the AG and the Süba Group.
Entry of an investor?
At the same time, the debtor wants to have talks with her owner Hallmann Holding and financial believers for the purpose of bridging financing. She wants to offer the creditors 20 percent quota. To do this, she has to find around 45 million euros. This requirement should also be financed from the recovery of existing and new real estate projects.
However, the financing banks must first be operated with these revenues. “In consultation with the financing banks, a solution will be found to stabilize the ownership companies (daughters) and thus to keep the real estate projects in the value of the real estate projects,” it says. There are also talks from the owner Hallmann Holding “about an investor’s entry that could take over the shares of Süba AG. A sales process should already be initiated.