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Another Bankruptcy Rocks the Real Estate Industry: Viennese Investor Klemens Hallmann Files for Personal Bankruptcy
Vienna-based entrepreneur Klemens Hallmann has filed for personal bankruptcy. The investor, who is active in the real estate and film industries, is seeking a restructuring process under his own administration. He is offering his creditors a 30% dividend, payable within two years. Hallmann Holding is not affected by the bankruptcy.
It's not just Klemens Hallmann: Insolvencies in the Austrian real estate sector are on the rise. / Picture: © Wikimedia Commons / Gugerell / CC0
The offered quota of 30% is thus only slightly higher than the quota his advisors expect in the event of immediate bankruptcy. In the event of bankruptcy with short-term distress sales of his assets, the quota would be 29%. The restructuring plan with an orderly liquidation of assets is therefore intended to protect the interests of creditors as best as possible.
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