The Austrian shopping center Fashion Outlet Parndorf is affected by an insolvency case. On Thursday, the creditor protection association KSV 1870 announced that FOP Immobilienimmobilien beta GmbH had submitted an application to the Eisenstadt regional court to open restructuring proceedings without self-administration.
The company’s task is to rent out space in the “Beta” construction phase of the outlet center. According to the company, this is currently 71 percent leased. “The debtor company is experiencing a liquidity bottleneck due to the current difficult project situation (vacancy, market environment, slow leasing process regarding vacant commercial space, etc.),” explained KSV 1870 in a statement. Negotiations with creditors have now failed. According to a statement, the company’s liabilities amount to around 68 million euros.
According to KSV 1870, the company intends to continue business operations. The plan is therefore to “continue the sales process that has already been initiated in coordination with the creditors secured by the land register”. The running costs are “covered by the income from rentals”.