Schetteregg Files For Insolvency
Egger Liftgesellschaft mbH & Co. KG, operator of the Schetteregg ski area and several local restaurants and accommodations, has filed for insolvency proceedings with the relevant regional court. This is the company's response to an increasingly precarious financial situation, in which neither a viable solution nor a secure future perspective has been found within the current company. The decision represents a difficult but ultimately unavoidable step, one that had already become clear in recent weeks.
As previously announced, the extraordinary general meeting on May 17, 2025, failed to reach agreement among the approximately 100 shareholders on a necessary capital increase, a viable future plan, or other measures to ensure the company's continued existence. Under these circumstances, the long-standing economic pressure could no longer be cushioned, despite every effort. The financial situation has deteriorated dramatically – all resources have been exhausted, and a potential investor could not be found.
This strained economic situation is due to a combination of different causes: In recent years, snow-poor winters and difficult weather conditions have led to significant losses in the central business area. At the same time, important investment projects have stalled – both with regard to the further development of winter offerings and the establishment of sustainable year-round operations. Despite numerous efforts and intensive discussions, no sustainable results have been achieved.
"In my role as managing director, I was obligated to file for insolvency given the current situation," says Hannes Waldner. "Schetteregg is not just a business location – for many people in the region, it's a piece of home, a place of childhood memories, a place of closeness to nature, and, of course, winter sports. This makes it all the more painful to have to take this step. But I also bear responsibility – for the company, for the employees, and for myself personally as managing director. Initiating insolvency proceedings was my duty within the statutory deadlines and under the given conditions. Despite all our efforts, this step could unfortunately no longer be avoided."
They added "As the operator of the elevator systems and some local catering and accommodation companies, we, the Egger Liftgesellschaft mbH & Co. KG, had to register for bankruptcy today. Despite months of discussions, great efforts and hope, no viable solution could be found for the continuation of our company. The financial situation has escalated dramatically - all funds have been used up and a potential investor could not be won. Challenging winters, lack of investment needed – and the crucial step toward year-round operation that has never taken the right track – have pushed us to the economic limits."
Schetteregg now hopes for fair and constructive support for the process. What will happen next with the ski area and its associated businesses remains unclear at this point.
Report from the Alpine Creditors Association:
Egger Liftgesellschaft mbH & Co KG can no longer meet its ongoing payment obligations. The competent regional court in Feldkirch has initiated bankruptcy proceedings.
CAUSES OF INSOLVENCY
Although the 2024 summer and 2024/2025 winter seasons were successful, the legacy issues from previous years could not be eliminated despite restructuring measures.
The slide into insolvency is due not only to these legacy issues but also to the sharp increase in costs, particularly for energy, personnel, operating resources, and general climate change.
ASSETS
According to the available documents, two creditors and five employees with total claims of approximately EUR 1.3 million are currently affected by the current insolvency proceedings.
The current financial situation must first be reviewed during the proceedings. Any outstanding claims must also be assessed for their value and collectibility.
As part of the insolvency proceedings, the existing assets will be inventoried and valued. Once an inventory has been compiled and an appraisal by an expert yet to be appointed by the insolvency administration has been completed, the exact value of the debtor's fixed and current assets can be disclosed. Only after these investigations will it be possible to provide an opinion on the creditors' prospects of satisfaction.
FORECAST & RESTRUCTURING PLAN PROPOSAL
The company is to be closed and liquidated. According to the applicant, a positive prognosis for continued existence is no longer feasible. Restructuring the debtor company is not possible or sufficient, and therefore is not currently planned.
The Alpine Creditors' Association is pleased to offer all creditors affected by this insolvency the best possible representation, filing their claims with the competent bankruptcy court, and reporting on the progress of the proceedings.
