Höhrhan Group Faces Insolvency: Four Companies Seek Restructuring

Four companies within the Höhrhan Group have filed for insolvency proceedings at the Krems District Court. The affected firms include Robust Industry GmbH in Krems, Robust Plastics GmbH, AKG Plastics GmbH in Vienna, and HT Electronic Systems GmbH located in Neudörfl, Burgenland. This decision comes as a result of declining revenues primarily attributed to the challenging economic conditions in the automotive sector, alongside significant cost increases.

According to reports from credit protection agencies, the insolvency impacts a total of 174 employees and approximately 400 creditors, with liabilities exceeding EUR29 million. Despite this challenging situation, the companies aim to continue operations and undergo restructuring.

In their announcement, KSV1870 indicated that the firms would propose a restructuring plan to creditors, offering a recovery quota of 30 percent payable within two years of acceptance. This financing strategy is planned to be primarily supported through the ongoing operations of the companies.

The Höhrhan Group's companies predominantly serve the automotive industry. Among them, Robust Industry GmbH, which operates as the holding company, employs 19 individuals and has 15 creditors, with liabilities amounting to EUR2.5 million. Robust Plastics GmbH, on the other hand, has the highest debt burden at EUR12.9 million, employing 48 staff members and facing 155 creditors. This firm specializes in metal technology for metal and machinery manufacturing as well as plastic processing.

HT Electronic Systems GmbH, another key player in this group, employs 63 individuals and has liabilities totaling EUR7.2 million, impacting 131 creditors. Similarly, AKG Plastics, which also focuses on plastic processing, employs 44 staff and has liabilities of EUR6.5 million, affecting 99 creditors.

As the Höhrhan Group navigates this financial crisis, the focus remains on restructuring efforts aimed at revitalizing the affected companies and safeguarding jobs within the organization.