The Austrian laundry provider Palmers Textil AG has overcome an important hurdle in the ongoing insolvency proceedings. The majority of the company’s renovation plan was accepted on Tuesday. This emerges from matching reports from the Austrian creditor protection associations.
The plan therefore stipulates that the creditors: inside the legal minimum rate of twenty percent of their claims will be obtained. The total amount will be paid gradually over the next two years, the first tranche of five percent is to be deposited with the renovation under the renovation until June 30th.
A prerequisite for confirming the renovation plan – and thus also the cancellation of the insolvency proceedings – was “the timely succumb to the bar quota and the requirement for the payment of the procedural costs,” said the Alpine Vonkey Association (AKV) in a message. For these amounts, an investor is said to be far advanced with the negotiations.
The potential investor is still unknown
Already in April the stricken laundry provider announced that he had received a “declaration of intent to enter the start of a strategic group of investors around a listed textile company”. Whoever pricing the takeover is still not publicly known.
A renovation procedure in self -administration was opened for Palmers Textil AG on February 14th. This was converted into a procedure without self -administration on April 22. The company had to accept sales and deep red numbers in the past financial year. Extensive savings measures have already been decided in the ongoing renovation process. In order to secure the future of the company, the entry of new donors is required: inside.