Restructuring planned
Traditional joinery slides into bankruptcy worth millions
60 years after the company was founded, a joinery in Upper Austria is facing a serious economic crisis: Restructuring proceedings have been opened for Weissengruber Möbelproduktion e.U. from Ried in der Riedmark. Debt level: around 2.8 million euros.
The massive rise in interest rates, high wage and energy costs, as well as a considerable drop in turnover - this is the mix that became toxic for Weissengruber Möbelprodukt e.U. and ultimately made the company's path to the insolvency court unavoidable.
Liabilities of 2.8 million euros
The family business from Ried in der Riedmark (Upper Austria), which is managed by the second generation and is celebrating its 60th anniversary this year, was subject to restructuring proceedings. According to Kreditschutzverband von 1870, the liabilities amount to around 2.8 million euros. This compares to assets of 517,000 euros.
The 55-employee company was particularly affected by an investment made in 2022, when a new hall was built and new machines were purchased. The investment was debt-financed.
Company to continue as a going concern
What will happen now? Owner Klaus Weissengruber plans to continue and restructure the company, offering creditors a 20% quota. "The successful implementation of the restructuring plan and the approval of the creditors are the basis for ensuring the continued existence of the traditional company," says Petra Wögerbauer from KSV1870.
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