Stiglechner Files for Insolvency and Initiates Restructuring Proceedings

The Austrian fuel station operator Stiglechner has initiated insolvency proceedings, marking a significant development within the country's fuel retail sector. On Friday, applications were submitted to the Regional Court of Linz for restructuring proceedings without self-administration for both Julius Stiglechner GmbH and Stiglechner Tankstellen GmbH, according to reports from key credit protection associations.

The insolvency impacts a considerable number of stakeholders. In total, 584 employees and approximately 300 creditors are affected across the two companies. Julius Stiglechner GmbH, which serves as the group's holding company, oversees a network of 85 fuel stations throughout Austria, some of which are leased to partners. Within this entity, 66 employees and around 100 creditors have been identified as directly impacted. The company's liabilities amount to approximately 166 million euros, while a detailed breakdown of assets has not yet been disclosed.

Stiglechner Tankstellen GmbH is responsible for the operational management of fuel stations, retail outlets, and car wash facilities, as well as fuel sales. This company's insolvency affects 507 active employees and an additional number on parental leave, resulting in a total of 518 staff members involved. Furthermore, about 170 creditors are associated with this branch. The reported liabilities stand at 22 million euros, with the valuation of assets still pending.

The root causes of the insolvency have been attributed to persistent low margins in fuel sales, a situation exacerbated by the impact of the Ukraine conflict on global oil prices. Additionally, the company has faced increased financing costs due to rising interest rates. Efforts to stabilize operations through a restructuring process did not yield the anticipated results, and a planned investment from a potential partner ultimately did not materialize.

Despite the financial difficulties, the company has confirmed that salaries for November and holiday bonuses were paid in the preceding week, ensuring that employees received their due compensation for the time being. The court has appointed Norbert Mooseder as the insolvency administrator for Julius Stiglechner GmbH and Peter Shamiyeh for Stiglechner Tankstellen GmbH.

Stiglechner's fuel stations operate under the IQ brand, and the company maintains licensing partnerships with international fuel providers Eni and BP. The ownership structure indicates that 60 percent of the stations are directly owned by the family business, while the remaining 40 percent are managed by independent partner operators.

This insolvency represents one of the more significant recent cases in Austria's retail fuel sector. The outcome of these restructuring proceedings will be closely observed by stakeholders, given the company's nationwide presence and the substantial number of employees and creditors involved. The process will determine the future of the company's operations, its partnerships, and the broader impact on the Austrian fuel retail market.