Millions in debt

Hallein metalworking company must initiate restructuring

Simtec Gmbh from Hallein has applied to the Salzburg Regional Court to initiate restructuring proceedings without self-administration. More than one hundred creditors and liabilities of around 4.15 million euros have accumulated. A continuation is planned.

Several credit protection companies have reported that Simtec Gmbh has filed an application with the Salzburg Provincial Court for restructuring proceedings without self-administration.

The metal technology and mechanical engineering company Simtec from Hallein is on the verge of bankruptcy. The company has accumulated liabilities amounting to 4.15 million euros. On the other hand, it has assets of 3.48 million euros. 15 employees and 87 other creditors are still waiting for their money.

In the application to open insolvency proceedings, the company states that turnover has increased continuously since 2021. However, with the growth from a one-man business to a medium-sized company, the need for financing also increased. Higher wage, material and storage costs as well as high energy and relocation costs have recently put a strain on the company.

However, Simtec Gmbh is aiming to continue as a going concern and would like to pay the creditors 20 percent of their claim within two years, reports the Alpenländische Kreditorenverband (AKV).