MGlass, a company specializing in the production of exterior glass surfaces, has announced its filing for bankruptcy.
KTM, an Austrian motorcycle manufacturer with locations in Steyregg, Vienna, and Salzburg, and MGlass, a glass construction company based in Steyregg, are currently facing separate insolvency proceedings.
KTM, with a workforce of 69 employees, has been in the news for an intended closure, but the specific details of its insolvency case have not been disclosed. However, it's worth noting that salaries and wages have been paid up to and including February 2025 for KTM employees.
On the other hand, MGlass, known for its involvement in projects like the prestigious Linzer Quadrill, filed for bankruptcy at the Landesgericht Linz on Tuesday. The company's insolvency was due to a failure to pay the required quota in insolvency proceedings. Unsecured liabilities of around 40 million euros oppose a free asset of around 2.1 million euros for MGlass.
The restructuring plan for MGlass provided for a 20% quota, but the first installment of 5% was paid, and the remaining 15% could not be serviced, leading to bankruptcy. The specific details of the Linzer Quadrill project in which MGlass was involved were not provided.
The creditor protection associations Creditreform, Alpenländischer Kreditorenverband (AKV), and KSV1870 reported the bankruptcy of MGlass. More than 400 creditors are affected by the insolvency of MGlass, but there are no public reports indicating that MGlass's insolvency is related to the Linzer Quadrill project.
As of the current information available, there is no public evidence or reporting on the bankruptcy status or cause for MGlass related to the Linzer Quadrill project. If you need updated or specific details, you may want to check regional business registries or industry news sources specialized in construction sector updates.
Meanwhile, the insolvency of KTM is being decided at the Landesgericht Ried today, Friday. It's essential to remember that KTM is not a glass construction company like MGlass, and the two cases are being handled separately by the respective courts.
Despite being in separate industries - motorcycle finance and glass construction - both KTM and MGlass are currently facing insolvency proceedings. The financial difficulty for MGlass was due to a failure to pay the required quota in insolvency proceedings, while specific details about KTM's insolvency case have not been disclosed yet.
