Real Estate Developer Imfarr Faces Bankruptcy

According to the restructuring plan, the main creditors of the real estate developer Imfarr would first have to waive their claims in order to maintain the planned quota of 20 percent. However, only 63 of the 66 required declarations of subordination were submitted by the deadline on November 29, Imfarr announced on Monday.

Bankruptcy Proceedings Opened for Real Estate Developer Imfarr

The responsible Commercial Court of Vienna was therefore unable to confirm the restructuring plan, and the restructuring proceedings were consequently converted into bankruptcy proceedings. The real estate developer now intends to resume talks with the three remaining subordinate creditors and to lobby for support for the restructuring. In the event of an agreement, Imfarr plans to reapply for the completion of the restructuring plan in its current form.

Imfarr Beteiligungs GmbH had filed for a restructuring procedure without self-administration on July 23. The restructuring plan was largely accepted by the creditors in mid-October. The planned quota for the creditors was 20 percent, of which 5 percent was in the form of a quick cash quota, with the remaining 15 percent due by June 30, 2025. Nearly 120 Imfarr creditors had registered claims amounting to around 768 million euros according to credit protectors. Approximately 573 million euros were recognized as rightfully existing by insolvency administrator Stephan Riel until the voting day meeting.

The real estate group Imfarr, founded in 2007 by the Farrokhnia family, has made headlines in recent years with major real estate deals in Germany, such as in Munich and Frankfurt. Former Chancellor Werner Faymann (SPÖ) was also on board as an investor from 2019 to mid-2022, and former Minister Josef Ostermayer (SPÖ) worked as a manager for Imfarr from 2021 to 2023.

(APA/Red)

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