Vienna’s real estate developer “IMFARR Beteiligungs GmbH” applies for reorganization proceedings without self-administration at the Vienna Commercial Court – liabilities of around EUR 604 million!
KSV1870 declares
IMFARR Beteiligungs GmbH (FN 301503m)
Schwindgasse 5/Top I/02-OG
1040 Wien
He has applied for reorganization proceedings without self-administration at the Vienna Commercial Court. KSV1870 expects restructuring proceedings to be opened quickly without self-administration.
Company Assets: die DebtorSince its establishment in 2007, it has been primarily active in real estate development in Austria and Germany. The debtor has (indirect) interests in 44 companies.
Affected employees: About 18 employees
Affected Debtors: About 110 borrowers
inactive (As per Borrower Information): Approximately Euro 604 million Responsibilities are basically as follows:
– Unsecured bank liabilities: about 27 million euro.
– Other unsecured liabilities: approximately 219 million euros.
– Contingent liabilities: approximately 332 million euros.
– Bond liabilities including interest: 26 million approx.
Bankruptcy Reasons (According to Borrower Information): As KSV1870 learned, the Borrower has been particularly hard hit by the current negative developments in the real estate market. Economic and geopolitical uncertainties brought demand for BüRoyReal estate in Germany came to a complete standstill. An unexpected rapid increase in interest rates has led to a significant increase in financing costs and at the same time a decrease in buyer demand for real estate. Against this background, the projects could not be executed and completed as planned or within the planned time frame and sales transactions could not be finalised.
Redevelopment Plan: The debtor wishes to continue and restructure his company and offers its creditors a restructuring plan of 20%, to be paid within two years from the acceptance of the restructuring plan. Financing of the renovation project allocation should be possible through judicious utilization of the existing real estate portfolio.
“A bankruptcy administrator appointed by the bankruptcy court should examine in detail over the next few weeks whether the debtor’s restructuring efforts can be sustained,” says David Schlebnik from KSV1870.
KSV1870 provides for all creditors to be represented in this case. Email documents to: [email protected]
KSV1870 could not verify the information in such a short period of time.
Vienna, July 22, 2024
Inquiry Note:
David Shlebnik, LL.M. (WU)
Speaker KSV1870 Insolvency Vienna
Tel: 050 1870-8705
Email: [email protected]