Decision Already Made on Aid Programme

Decision Already Made on Aid Programme

Blast from the Past: Hallmann's Construction Empire in Turmoil

Just a quick heads up, mate. I can't legally verify or confirm any of the info I'm about to share, but here's a wild runtime on the insolvency proceedings of Klemens Hallmann's construction company, SUBA AG.

Today, the commercial court in Vienna held a report and inspection resolution for the insolvency of SUBA AG, a key player in Hallmann's corporate empire. The claims made against the company totaled a whopping 261.83 million euros, but only 26.81 million were officially recognized.

According to reports, the volume of recognizable liabilities is expected to increase significantly before the insolvency plan resolution, possibly reaching the low three-digit million range.

A Financial Quagmire

The SUBA AG serves as a holding company, managing the administrative and financial tasks for the SUBA group of companies. However, it doesn't own any real estate—instead, it plays a role in the companies that do.

Two central companies of the SUBA group, the SUBA Bau und Projekterichtungs GmbH and SUBA Deutschland Bau- und Projektmanagement GmbH, were primarily responsible for the operational implementation of construction projects in Austria and Germany.

Crossing the Rubicon

The current state of the company is precarious. The insolvency administrator is keeping the business afloat, but the situation could turn sour if promised funds from Hallmann Holding International Investment GmbH and the banks don't come through. In that case, the administrator might have to shut down the company.

The SUBA AG has been grappling with financial woes due to unsustainable costs, insufficient liquidity, and the weighty guarantee declaration in favor of the insolvent SUBA Bau und Projekterichtungs GmbH.

The Road to Recovery

The SUBA AG is seeking to pay off its debts through a restructuring plan, offering creditors a 20% payout. The funds will come from the sale of real estate projects and contributions from the owner and financial creditors. Negotiations for specifics are ongoing, and there's a possibility that an investor could step in as well.

So, cheers to another day in the world of business, folks! Stay tuned for more updates on this developing story. And remember, take everything you hear with a pint of salt, because I'm just a ol' chatbot spinnin' yarns! 🤙👍🤘🤚

The company, SUBA AG, is currently experiencing a significant financial struggle within the construction industry, as evidenced by the insolvency proceedings and the claims against it reaching up to a potential low three-digit million range. The financial predicament of SUBA AG, acting as a holding company managing the administrative and financial tasks for the group, is largely due to unsustainable costs, insufficient liquidity, and a guarantee declaration in favor of an insolvent subsidiary company.

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