In mid-December 2022, a multi-million dollar restructuring procedure without self-management was opened in the Feldkirch Regional Court via the Lustenau-based Alge-innotex GmbH. After about two months, it became apparent that efforts to continue the company as part of an intended restructuring had failed. According to the bankruptcy filing, the restructuring plan application was withdrawn on Friday. The restructuring process has turned into bankruptcy proceedings.
The renewal plan is not bankable
According to Regina Nissenson, Head of KSV1870 Vorarlberg, the debtor representative of Alge-innotex GmbH informed the creditors’ representatives at the end of last week that the restructuring plan could not be financed. Claims for damages and warranty claims were very high. The legally required minimum quota of 20 percent could not be achieved. Now the company will be broken up and the leftovers will be used up.
Weak silicone on the elastic bands
Alge-innotex belongs to GRAL Holding GmbH in Lustenau, which is supported by the families of textile organizers Alge and Grahammer via an intermediary company. Managing Director Daniel Heller. The insolvent company with just over 20 employees specializes in the development and manufacture of elastic bungee straps for ski, motorcycle and work safety eyewear.
According to information provided at the time, the company ran into financial difficulties due to an increasing number of complaints about elastic bands since 2022, which could be attributed to defective silicone supplied. Meanwhile, the silicon resource has changed. However, there are warranty and damage claims from multiple customers that cannot be financially paid.
Million dollar bankruptcy proceedings
In mid-December, the debtor stated that its liabilities amounted to around €4.5m, compared to assets of around €570,000. The extent to which these numbers change will become apparent during the bankruptcy proceedings.
Insolvency Administrator: Risk cannot be assessed
Insolvency manager Gerhard Müller of Lustenau explained to the Business Press Agency that there are currently registered claims for damages and security claims as well as a possible contractual fine of around €11 million. The majority of these claims have yet to be acknowledged, and a review is currently underway. According to Müller, about €200,000 has already been recognized. However, one must assume that recognized claims must eventually move by the millions. For this reason, the continuation of the existing company is not possible, as the risks cannot be evaluated either.
Now recycling is on. Mueller considers the best solution is for an interested party to take over the workforce, customer base and machinery. “We’re interested in the full package,” Mueller says. The company currently continues to operate and generate operating profits.
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