After bankruptcy worth millions

Two Salzburg companies continue to operate

Two traditional Salzburg companies will continue to operate after going bankrupt in April. The restructuring plans of stove manufacturer Haas+Sohn from Puch and the family-run timber trading company Weiss from Flachau have been accepted.

Their insolvencies caused a stir in April. Around 14.87 million euros in outstanding debts and registered claims from 243 creditors forced Weiss GmbH from Flachau into bankruptcy at the beginning of April. At the end of the month, Haas+Sohn Ofentechnik GmbH from Puch filed for insolvency with around 11.98 million euros and 63 creditor registrations.

In addition to the outstanding debts, both companies also had employee claims. At Weiss, there were over 109 registrations, at Haas+Sohn 39 employees waiting for outstanding salaries.

Now the affected companies, employees and creditors can breathe a sigh of relief. The family business Weiss and the stove manufacturers Haas+Sohn will continue to operate. Today, Wednesday, the restructuring plans of the two companies were approved by a majority.

Restructuring plan in installments
Specifically, all creditors are to receive a quota of 20 percent of their claims. In the case of Weiss, five percent will be paid out in cash within 14 days of the plan becoming legally binding, with the remainder to follow in installments within 12 and 24 months.

At Haas+Sohn, all claims are to be paid off in four five percent installments by 2026.

"It now remains to be seen whether the restructuring targets will be met in the interests of the creditors. The restructuring was preceded by extensive rationalization measures," says Aliki Bellou from Kreditschutzverband 1870.

The Flachau-based company Weiss currently employs around 50 people. At Haas+Sohn from Puch, there are 22 employees.