Appeal rejected by ex-board member. Companies are now significantly “leaner”.
Wien At the end of August 2020, the continued existence of the insolvent textile company group Huber in Götzis was announced. Then it got exciting again around the multi-million dollar bankruptcy. Because the ex-CEO of Huber Holding, Martin Zieger, was the only one of a total of 68 creditors to vote against the restructuring plan and to appeal against the confirmation of the restructuring plan.
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This is now off the table, as attorney Matthias Prior (Abel Rechtsanwälte), who accompanied the entire procedure, confirms. “The appeal was not followed by the Innsbruck Higher Regional Court. Any further legal remedy is not permitted. The decision of the LG Feldkirch on the confirmation of the reorganization plan of 25.9.2020 is therefore legally binding. “
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assumptions
The reasoning of the Higher Regional Court reads quite interesting: “In its reasoning, the Innsbruck Higher Regional Court correctly states that the appellant, apart from assumptions and a suggestion that almost contradicts the interests of the creditors at first assessment, could not show any substantiated reasons or even attest which against would speak of a confirmation of the recovery plan. This means that the last of a total of four reorganization procedures with self-administration and thus the reorganization of the Huber Group is now complete, ”lawyer Prior quotes.
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Restructuring implemented
Meanwhile, Huber CEO Michael Krauledat says that the majority of the restructuring measures in the company have already been implemented. These included the downsizing of around 80 employees and the optimization of internal processes. “We are now significantly leaner.” At the moment, it is not assumed that additional employees will have to be terminated, nor is anyone on short-time work. In addition, the numbers after the dent had already approached those of 2019 due to the first lockdown, a “positive development”. VN-reh
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