The insolvent Höhrhan Group (176 employees), based in Krems, originally wanted to offer its creditors a 30 percent quota. But the calculation apparently doesn’t add up. The insolvent sub-companies Robust Plastics GmbH, AKG Plastics GmbH, HT Electronics Systems GmbH and Robust Industry GmbH have withdrawn from self-administration in the restructuring process and reduced the quota offered to 20 percent.
“The appropriateness of the quotas still needs to be checked,” says Stephan Mazal from Creditreform to the KURIER. “However, the continuation of the company is progressing positively. The main basis of the current financial plans of the individual companies is the involvement of a factoring bank, which advances the purchase price claims with 80 percent of the gross values.
“The number of employees will be reduced by a maximum of a quarter from the original 176,” says Mazal. In the worst case scenario, 44 jobs will be eliminated.
Complex procedures
The Höhrhan Group produces plastic parts, packaging solutions, hollow body products and machine tools for metal processing. The group supplies the automotive industry as well as the electronics and consumer goods industries. According to Creditreform and AKV, the creditors’ total claims amount to around 15.7 million euros, of which 11.4 million euros have been recognized so far. The managing partner Thomas Höhrhan has applied for restructuring proceedings without self-administration. He is in debt to his creditors for around five million euros.
The procedures are complex because there are mutual claims and liabilities within the group of companies.
Bad business
“Most suppliers had already switched to advance payment before the bankruptcy was declared,” says a report by the renowned restructuring administrator Ulla Reisch. HT Electronic Systems GmbH has the most employees with 65 people. It will cut up to 15 employees. “From the present annual financial statements it can be determined that there was a build-up of inventories in 2022 and 2023, which was not associated with an improvement in sales,” the report continues. “The company was unable to sell the supplies it produced to its customers in sufficient quantities.” Accordingly, liquidity deteriorated.
HT Electronic is said to have sold tools and process technology within the group, but did not receive the corresponding purchase prices (1.88 million or 900,000 euros). In the first case there is a counterclaim, in the second case the claim was “waived”. The restructuring administrator has requested additional information and documents from HT Electronic regarding these transactions.
Questionable deals
Robust Plastics also sold tools worth 4.72 million euros to an indirectly affiliated company in 2023 and 2025, but the purchase price was not paid. There should be a claim for damages. In this case, too, the restructuring administrator requested “additional information” from Robust Plastics. These should not be available yet.
The decision on the future of the group will be made on December 17th. On that day, the creditors vote on all restructuring plans.