Creditors approve Gradwohl restructuring plan

Creditors have approved a restructuring plan for insolvent Gradwohl Gesellschaft m.b.H. by a majority, ORF reported Tuesday. The company is based in Melk and filed for insolvency again this spring.

The plan provides for creditors to receive 21 percent of their claims within two years of its approval. Four percent can be distributed immediately, with the remaining 17 percent to be paid in four instalments of 4.25 percent over the next two years. The payments are to be financed through the company’s continued operations.

A total of 338 creditors filed claims worth about 10.16 million euros, according to the KSV1870 creditors’ protection association, which reported on the vote at St Pölten Regional Court.

KSV1870 representative Jürgen Gebauer said restructuring measures had already begun during the insolvency proceedings. He expressed confidence that the company could achieve a sustainable recovery on its second attempt.

Gradwohl plans to focus its business on producing plastic thermoformed and injection-moulded parts. Its printing division has closed. The company previously entered restructuring proceedings without self-administration in 2022, which ended in 2023. Around 160 employees were affected by its renewed insolvency in May.