Sale now planned
“Lighthouse” in Graz: Science Tower is insolvent
It is one of the most striking new buildings in Graz: the Science Tower, which opened in 2017, is the centerpiece of the new "Smart City" district near the main train station. Now the operating company is insolvent. Behind it is a prominent Styrian entrepreneur.
Twelve storeys high, the Science Tower has been rising into the Graz sky for eight years now. It is described as innovative and smart, housing companies as well as parts of Joanneum Research and the Styrian environmental cluster.
The main owner of the operating company "Science Tower GmbH" is the dazzling Styrian entrepreneur Hans Höllwart. As he announced in a letter to the media, including the "Kronen Zeitung", an insolvency petition has been filed for the company. Confirmations have since been received from the credit protection associations AKV and KSV1870.
SFL bankruptcy as the basis
The insolvency is a consequence of a bankruptcy that took place five years ago. At that time - following a legal dispute with René Benko's Signa - SFL technologies GmbH, founded by Höllwart and based in Stallhofen, was affected. The "Science Tower" project was a joint project with SFL, and the costs were also shared.
The bankruptcy of SFL resulted in liabilities towards the Science Tower company. The rental income was not sufficient to cover these costs and the loans. "The shareholders did everything they could to save the Science Tower project," says Höllwarth. They had provided "more than two million euros in liquidity as well as extensive services for maintenance, optimization of the technologies used and completion of the Science Tower".
New owner sought
Recently, however, the economic situation of Science Tower GmbH has worsened significantly and out-of-court restructuring attempts with the financing bank have failed. No employees are affected by the insolvency. The credit protection associations assume that there are five creditors, with liabilities currently amounting to around 6.5 million euros. However, this sum is likely to increase due to "further liabilities and legal disputes".
The insolvent company is not to be continued in the long term. A sale or realization is now being sought. In other words, the Science Tower is to find a new owner.
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