Schwedenbomben manufacturer is saved from insolvency

Niemetz, the Austrian manufacturer of the “Schwedenbomben” confectionary, has been saved from insolvency. The creditors have agreed to the restructuring plan and will get a rate of 95 percent. An investor from South America will support Niemetz.

The representatives of the creditors have not learned any details about the investor so far. The money (more than 4.1 million Euros) will have to be transferred to the liquidator until 21 May; otherwise, the sale will start immediately.

The creditors seemed to be hopeful that the partners would manage to raise the money. The creditors were offered a higher rate than expected, Roman Tabhaz of the Creditor’s Protection Association KSV1870 stated.

If the restructuring plan fails, the partners have agreed upon an immediate sale of the company. The food retailer Interfood with headquarters in Hall/Tyrol (Western Austria) has the biggest chances of buying Niemetz.

The company has been the highest bidder in case of a sale and offered 3.6 million Euros. Apparently, the firm could even raise this offer.

The traditional company Niemetz has been struggling for months. The firm applied for a restructuring plan at the beginning of February.

The creditors will not be convinced of the medium and long-term future of the manufacturer even if the company can raise more than 4.1 million Euros thanks to external support.

The Romanian Meinl subsidy Heidi Chocolat S.A. wants to buy Niemetz for around three million Euros. The creditors did not want to make a loss in the case of a sale.

The company Manner and the venture capitalist GCP are also still among the interested parties. If Manner buys Niemetz, they want to float the company on the stock exchange.