Höhrhan Group Cuts Around 40 Jobs Following Insolvencies

Four companies are affected, for which restructuring proceedings were opened in October. The insolvency administrators have now confirmed the staff reduction and a reduced creditor quota.

Restructuring quota reduced to 20 percent

According to Creditreform and KSV1870, out of approximately 15.7 million euros in claims, 11.4 million were recognized. The originally planned creditor quota of 30 percent was reduced to 20 percent. The restructuring plans will be voted on December 17.

Four companies affected

The affected companies are Robust Industry GmbH in Krems, Robust Plastics GmbH and AKG Plastics GmbH in Vienna, as well as HT Electronic Systems GmbH in Neudörfl in Burgenland. Robust Industry GmbH, as a holding company, is not affected by job cuts.

The companies primarily supply the automotive industry. More than 500 creditors have been registered, including 195 former employees.

Self-administration withdrawn

All four companies had applied for restructuring proceedings with self-administration, which have now been withdrawn. According to Creditreform, the continuation of the companies is still proceeding positively.

(APA/Red)

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