The Peterseil shoe store has applied to the Steyr district court for restructuring proceedings without self-administration. The married couple Christine and Georg Blaha took over the company from the company founder in 1990 with high liabilities. According to the KSV1870, the high interest burden, which did not correspond to the company’s profitability, was cited as the cause of the insolvency.
Now the planned handover of the company to his son Thomas Blaha has failed due to liabilities of around 1.115 million euros. Even selling the property would not have eliminated this. According to the restructuring plan, the 37 creditors will be offered 20% of the debt, payable within 24 months. The operational business can be presented very well without interest charges. The planned renovation could enable the handover to Thomas Blaha. “The restructuring administrators appointed by the insolvency court will check whether the restructuring and continuation of the company intended by the debtors is possible without further losses for the creditors,” says Sonja Kierer from KSV1870. According to KSV 1870, the information provided by the applicants could not be sufficiently verified in such a short time.