Austria: Grieskirchen brewery filed for bankruptcy

The Grieskirchen brewery and its mother MM have filed for bankruptcy with the Korneuburg Regional Court. This was reported by Creditreform, KSV and Alpenländischer Kreditorenverband on Tuesday. Up to 180 creditors and a total of 61 employees are affected. The reason given is a massive drop in sales in the most important customer group, the gastronomy, as a result of Covid-19. According to credit protectors, wages and salaries have been open since August this year.

Restructuring proceedings applied for

The brewery Grieskirchen GmbH, founded in 1942, and its sole shareholder, MM Beteiligungs- und Beratungs GmbH, have applied for restructuring proceedings at the Korneuburg regional court - with the brewery with and with the holding company without self-administration. The reason for the place of jurisdiction is that the management works for both companies from Klosterneuburg. The brewery itself, however, is located in Grieskirchen in Upper Austria.

The brewery's liabilities are likely to amount to around eight million euros, those with the mother’s 3.7 million euros. The creditors are offered a quota of 30 percent (brewery) or 20 percent (MM). The creditors of the parent company are the employees and the subsidiary.