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Wadgassen before the financial drama: Is the real estate company facing bankruptcy?
Wadgasser Immobilien GmbH may be facing bankruptcy. Meeting results and financial risks for the community.
Wadgassen before the financial drama: Is the real estate company facing bankruptcy?
The future of the community-owned real estate GmbH in Wadgassen is in the balance. A restructuring roadmap was developed in a meeting between representatives of the GmbH, the municipality and the council factions. Technical assistance was brought in to analyze the pressing problems and find solutions. Nevertheless, the situation remains tense. SPD Mayor Sebastian Greiber can neither confirm nor deny that the GmbH is facing bankruptcy.
Although the meeting on the transformation of the GmbH took place, it was agreed not to disclose the results, which further fuels speculation about the financial situation. Greiber had previously announced a timely presentation of a solution, but so far there have been no clear proposals. The GmbH recorded a loss of around 500,000 euros in 2023 alone, which, according to an economic report, led to over-indebtedness.
Financial difficulties and risks
How tagesschau.de reports, the municipality of Wadgassen could get into serious financial difficulties due to previous land and real estate purchases. This excess indebtedness was identified in the invoice as of December 31, 2023. The responsible auditor expressed “significant doubts about the company’s ability to continue as a going concern” and warned of a “risk that could endanger the existence of the GmbH.”
The current situation was discussed at a meeting of the supervisory board on Wednesday and the majority spoke out against the continuation of the GmbH. Only Mayor Greiber voted against it. The final decision on possible insolvency is expected at a shareholders' meeting next week. A well-known insolvency administrator should be called in to advise on the next steps.
Political responsibility and outlook
SPD Mayor Greiber is under considerable pressure and is facing harsh criticism for his decisions in connection with real estate purchases. Greiber would like to present a solution to the committees at the upcoming meeting. However, uncertainty remains high and the community is at risk of suffering immense financial losses as a result of the GmbH's situation. The reporting will be continued in the “SRinfo Rundschau” on May 14, 2025 on SR 3 Saarlandwelle, which will bring the situation further into the public eye sr.de reported.