Rohrbacher lock factory seeks restructuring proceedings

Rohrbacher Schlosswarenfabrik Wilh. Grundmann GmbH, a lock manufacturer in Hainfeld in the Lilienfeld district, has applied to the St. Pölten Regional Court to open restructuring proceedings without self-administration, ORF reported. The insolvency affects 63 employees.

The company has around 1.8 million euros in excess debt but is intended to continue operating, according to Creditreform, KSV1870 and AKV. Employees’ wages are reportedly paid through June.

The company mainly manufactures door locks, door fittings and various parts for doors and windows. It supplies both wholesale and retail customers throughout Austria.

Creditors’ protection agencies cited rising labour and energy costs as causes of the crisis. Problems also arose during the construction of a production hall, leading to legal disputes.

The company has assets of more than 7.7 million euros and liabilities exceeding 9.5 million euros. It plans to offer creditors a restructuring plan providing a 20 percent repayment rate within two years.