Klemens Hallmann: Green Light for Renovation

The creditors have mostly agreed to the restructuring plan, which provides for a total quota of 35 percent, as reported by the credit protection associations AKV and KSV1870 after the restructuring plan meeting at the Commercial Court of Vienna. Including a super quota, it could be 45 percent. So far, claims amounting to 141.6 million euros have been registered, of which 125.9 million have been recognized.

"This lays a significant foundation for the orderly stabilization and implementation of the restructuring project as well as the fulfillment of the offered creditor quota," emphasized Hallmann on Tuesday following the court appointment. The proceedings concern him personally as a registered entrepreneur - not the Hallmann Holding - and will continue to be conducted under self-administration, he reiterated. "The approval of the creditors confirms the chosen path of a transparent and responsible restructuring," Hallmann expressed confidently. A restructuring procedure with self-administration was opened over his assets on August 21, 2025.

10 Percent Due by February

The first payment installment of 10 percent and the procedural costs must be deposited with the restructuring administrator Stephan Riel by February 28, 2026. "Only then can the restructuring plan be confirmed by the insolvency court and the restructuring procedure be lifted," explained the KSV1870.

A further 10 percent is to be paid within twelve months and another 15 percent within 24 months from the acceptance of the restructuring plan. "Additionally, creditors have the chance for a super quota if a certain (additional) profit can be achieved from the exploitation of a conceptual artwork, the so-called 'Castello Cube', in which the debtor holds a 32 percent stake," reported insolvency expert Tanja Schartel from KSV1870.

Super Quota Possible

In addition to the offered quota of 35 percent, a partial asset transfer with a super quota is added, as explained by the AKV. In this process, Hallmann is assigned a trustee, Stephan Riel, and various assets of the debtor are transferred to the trustee as a representative of the creditors under certain conditions. The trustee must then pay out any additional proceeds, which are capped at a maximum of 10 percent, to the creditors as a super quota. Consequently, creditors receive a total quota of up to 45 percent at best.

The accepted restructuring plan is to be financed through an orderly medium-term realization of the existing assets, according to the AKV. "Additionally, it is necessary for the creditors to submit subordination declarations for contingent liabilities," said Schartel from KSV1870. These contingent liabilities mainly result "from the debtor's guarantees for financing project companies from his corporate group."

Successful Restructuring Dependent on Holding's Restructuring

The fulfillment of the now accepted restructuring plan ultimately also depends on whether the ongoing restructuring at Hallmann Holding International Investment GmbH can be successfully completed, according to the AKV.

"I thank the creditors for their trust and approval. This result is an important step to responsibly fulfill my obligations and implement the restructuring sustainably," said Hallmann. "I will continue to work on the implementation of the approved restructuring plan with full transparency, reliability, and consistency."

(APA/Red)

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