Biomass plant maker fails restructuring plan, owes more than €11m

Frankprojekt GmbH, a biomass plant manufacturer based in Wals-Siezenheim in Salzburg’s Flachgau region, has failed to meet its restructuring plan, ORF reports. The company’s liabilities exceed €11 million, according to the Kreditschutzverband of 1870, a creditors’ association.

More than 200 creditors are affected. Frankprojekt had planned to fund the first payment under its restructuring plan by selling a property, but the sale apparently did not go ahead, leaving the company unable to pay the agreed share.

The company’s future and how much creditors may recover remain unclear.