Insolvency of Kitchen Manufacturer Haka
On Monday, a reorganization procedure without self-administration was opened at the Linz Regional Court, as announced by the Credit Protection Association of 1870 and the Alpine Creditors Association (AKV) in the afternoon. The insolvency of kitchen manufacturer Haka affects 158 employees and around 120 creditors. Liabilities amounting to 11.4 million euros are offset by assets of 2.16 million euros.
Loss Business Led to Insolvency of Kitchen Manufacturer Haka
According to KSV1870, the main cause of the insolvency is the takeover of the "Bathroom Furniture Factory" with 80 employees in Mondsee from Villeroy & Boch Austria GmbH in September 2023. This was associated with continued supply of bathroom furniture to Villeroy & Boch, which turned out to be a loss-making business. Additionally, it was exacerbated by the fact that all employee claims - particularly old severance payments - had to be assumed. This "massively worsened" the results, according to Haka. Furthermore, after the COVID-19 pandemic, the demand for kitchens also significantly declined.
Kitchen Manufacturer Haka: Family Business in Third Generation
The family business in its third generation has prepared a continuation calculation including a liquidity plan, which shows "that a continuation of the company without loss is possible." Creditors are to be offered a 20 percent reorganization quota, payable within 2 years from the acceptance of the reorganization plan, according to KSV1870. The quota is to be established from the generated mass credit (open own claims), the continued operation, and from the operational business of the next 2 years.
Since July, No Salaries and Wages Paid by Kitchen Manufacturer Haka
Since July, the 158 employees have not received any salaries and wages. The Chamber of Labor Upper Austria is supporting those affected in registering and enforcing claims. "We will actively contact the company and organize a works meeting. This will take place either at the company itself or at a district office of the Chamber of Labor," announced AK President Andreas Stangl. According to a letter to customers, deliveries would be made on time and as agreed, it was further stated by the AK.
(APA/Red)
This article has been automatically translated, read the original article here.