34.5 million liabilities

Tourism company slides into insolvency worth millions

The Almdorf at that time in the municipality of Ebene Reichenau(Bild: Almdorf Seinerzeit )

Once again there is bad news from the Carinthian economy: another bankruptcy worth millions was filed on Monday. 120 creditors and 33 employees are affected!

Founded in 1994 as a public limited company, the well-known alpine village "Seinerzeit" in Pattergassen filed for insolvency at the regional court in Klagenfurt on Monday. At around 1400 meters above sea level, two Charlets villages are operated there in a rural atmosphere. Services such as overnight stays in chalets and alpine huts with wellness and spa areas are offered. There are also several restaurants. Prince Alfred of Liechtenstein is the CEO of the public limited company.

"The liabilities amount to around 34.5 million euros," according to the Alpenländische Kreditorenverband. Most of these debts are to private lenders (around 66 percent), but also to persons from the shareholder sphere (around 30 percent). "The remaining liabilities are to suppliers and customers," says the AKV.

Restructuring plan with 20% ratio
The causes that led to the multi-million bankruptcy are only sparsely stated. "It was merely stated that the debtor (Almdorf) was insolvent." However, the coronavirus crisis and the associated lockdowns are said to be the decisive factor. "The debtor was not spared from this. Despite intensive restructuring and reorganization measures such as short-time working arrangements, a reduction in the number of employees, the sale of individual chalets and properties and much more, the current insolvency could not be prevented," it continues. Nevertheless, the company is capable and worthy of being restructured. 

Employees shocked
The employees of the tourism company were completely shocked on Monday. They are said to have only found out about the insolvency from the media. There had already been redundancies beforehand: "The staff was reduced to a core team," employees told the "Krone" newspaper.