Strolz renovation process clears important hurdle – vorarlberg.ORF.at
economy
The Supreme Court gives the appeal of the Strolz GmbH against the decision of the Innsbruck Higher Regional Court, where the confirmation of the million-dollar restructuring plan was originally refused – now a decision has to be made in Innsbruck again, reports the business press agency.
The planned and multimillion-dollar restructuring process involving the Lech sports and fashion retailer Strolz GmbH, which has been dragging on since December 2020, has now cleared an important hurdle towards the final acceptance of the restructuring plan.
Because the Supreme Court of Justice followed the appeal of the debtor – i.e. Strolz GmbH – and reversed the contested decision of the Innsbruck Higher Regional Court. This is evident from the bankruptcy file. The case is now going back to the appeals court for a new decision on the appeals and ultimately also on the planned restructuring process.
Legally contested acceptance of the restructuring plan
In the process, there was a month-long back and forth between a planned reorganization process and possible bankruptcy proceedings and disputes about the actual property and company values not only between the debtor and the creditors, but also among the creditors. In addition, there was an extremely narrow backlog of votes in the creditors’ vote for the acceptance of the restructuring plan and discussions as to whether the voting rights of individual creditors had been correctly assessed.
At the end of June 2021, appeals from several creditors against the acceptance of the restructuring plan were received, in the course of which the Innsbruck Higher Regional Court refused to confirm the restructuring plan under insolvency law. In mid-July 2021, Strolz’s legal representative then brought the above-mentioned appeal against the decision of the OLG Innsbruck to the OGH and was ultimately successful. Now the appeals have to be decided again in Innsbruck.
Claims worth millions
Strolz’ restructuring plan provides for a quota of 50 percent for the creditors, divided into several tranches within two years. The creditors have registered 10.6 million euros in claims relevant to the vote. The total registered claims are significantly higher and are in the mid double-digit million euro range. However, they do not play a role in the vote on acceptance of the restructuring plan, since individual creditors are secured, for example, via properties and their claims are not taken into account here.