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Real estate scandal: SABA GmbH insolvent - 69.9 million euros in debt
The next million-dollar bankruptcy shakes the real estate industry in Austria. Find out more about the insolvency of SABA GmbH and the effects on the real estate market. Source: oe24.at.
Real estate scandal: SABA GmbH insolvent - 69.9 million euros in debt
In another shock to the real estate industry, SABA GmbH, formerly known as Sveta Immobilien GmbH, has gone bankrupt. The company's liabilities amount to 69.9 million euros. According to the state-preferential creditor protection association “Creditreform”, the Immobilienpaket SABA GmbH from the first district of Vienna has filed for bankruptcy. The restructuring proceedings have already been opened at the Vienna Commercial Court.
SABA GmbH is active in the areas of purchase, conversion, management and sale of real estate and currently has eight real estate projects underway. According to the association, the causes of the bankruptcy lie in the general crisis on the real estate market. A total of 15 creditors are affected by the bankruptcy. Given the almost 70 million euros in liabilities, creditors are offered a quota of 20%, payable within two years.