Restructuring plan accepted: Insolvency proceedings of Abtenauer Bergbahnen reach provisional conclusion

The amount that must flow within this short period is put at around 900,000 euros by the AKV. Kreditschutzverband von 1870 (KSV1870) had previously indicated that the economic foundation for a future of the ski area could be secured. All farmers and landowners had been brought on board, it was said there.

The key details of the proceedings

"The offered restructuring plan achieved both majorities required by law and is therefore deemed accepted," the AKV announced. With this vote, the insolvency proceedings are formally concluded in their essential restructuring vote, even though judicial confirmation is still pending.

Ines Kurz of KSV1870 had described the success of the negotiations as a joint achievement: "Es konnte schlussendlich mit großem Einsatz aller Beteiligten das wirtschaftliche Fundament für die Zukunft des Skigebietes geschaffen werden, dessen Fortbestand erhebliche Bedeutung für die Region, den Tourismus und die sportbegeisterte Bevölkerung hat."

This brings the prolonged uncertainty surrounding the mountain railway operation at the Karkogel to a preliminary end. The proceedings had been running for months, with a total shutdown of the facility repeatedly looming. With the acceptance of the plan, it appears that continued operation is fundamentally possible – even though not all organizational steps for reopening have yet been completed.

Significance for the region and tourism

The 20 percent quota means for the recognized creditors that they will recover 20 cents for every euro of their claim. Compared to a pure liquidation – without a restructuring plan – this represents a higher quota, resulting from the satisfaction through continued business activity.

With the promised 900,000 euros in the coming two weeks, the proceedings receive their financial framework conclusion. The exact modalities – in particular, which creditor groups are served in which order and which claims are still contested subsequently – will need to be clarified in the following by the insolvency administrator and the court.

What remains outstanding

What is certain: the case is another example of how a regionally rooted tourism company was led from insolvency into restructuring without having to cease operations immediately. What impact this will have on summer operations at the Karkogel is not yet finally decided with today's restructuring date.

For the Abtenau region and winter tourism, the acceptance of the plan at least provides significant relief. Now everything depends on the concrete implementation: on the actual payout, on the follow-up contracts with farmers and landowners, and on the question of when the lift facilities will run again.

The parties involved express relief following the vote. The plan has been accepted with both statutory majorities, the quota is set, the amount of money has been quantified. What remains is the task of actually raising the necessary funds within the set deadline and organizationally preparing the restart.