3.2 million € minus

Insolvent brewery: restructuring seems realistic

Insolvency proceedings were opened for Brauerei Grieskirchen GmbH on March 4.(Bild: Markus Wenzel)

It is the second insolvency proceedings for the Grieskirchen brewery in four years - and once again it looks good that the company will be able to pull its head out of the noose. After the hearing at the Korneuburg regional court, the green light was given for the continuation of the business.

The official company address of Brauerei Grieskirchen GmbH is in Klosterneuburg, which is why the insolvency proceedings are also being handled in Lower Austria. The regional court of Korneuburg is responsible. This is also where the audit hearing took place on Thursday, at which the insolvency administrator Ulla Reisch made the first cash fall.

3.2 million euros in claims recognized
The result: 161 creditors have registered claims amounting to 3.9 million euros, and Reisch has currently also recognized 3.2 million euros. The creditors can hope for a 20 percent quota. This is how much the brewery, which has slipped into insolvency, is offering as part of its restructuring plan, which will be voted on on June 6.

Part of production outsourced to Vorarlberg
What happens now? Continued operation was approved by the court, "as the current assessment is that continued operation is positive and, if further reorganization measures are implemented, a further restructuring can also succeed," explains Peter Stromberger from Kreditschutzverband 1870. The Frastanz brewery in Vorarlberg is currently taking over some of the production and bottling for the Grieskirchner.