74 employees
Construction company slides into bankruptcy with 21.1 million
A construction company in Linz has been hammered to the ground. The 21-year-old company has now slipped into bankruptcy, with unsecured liabilities amounting to 21.1 million euros. The bankruptcy affects not only 480 creditors, but also 74 employees.
The Linz-based construction company WRS Energie- und Baumanagement GmbH filed for bankruptcy yesterday at the Linz Regional Court. The purpose of the company is the planning and construction of building construction projects, as well as projects in the field of energy and plant engineering in the market segments of public/municipal customers, trade, industry and tourism.
"Restructuring not planned"
Around 490 creditors and 74 employees at the headquarters in Linz and the three branches in Vienna, Graz and Innsbruck are affected by the insolvency. The liabilities amount to around 21.1 million euros. "There are no plans to restructure the company. The company will therefore be liquidated by the liquidator to be appointed. However, the aim is to continue to handle ongoing projects in the short term," says Stephan Mazal from Creditreform.
Difficult market environment
The reasons for the insolvency were the difficult market environment in the construction industry, sharp price increases that could not be passed on to customers in full and, as a result, a tight liquidity situation. Payment defaults by several major customers made a trip to the insolvency court unavoidable.
Since WRS was founded in Linz 21 years ago, 250 projects with a total volume of EUR 410 million have been completed.
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