German Pellets: Pele Holding and IPBG in liquidation

20.03.2020 − 

Bankruptcy proceedings were instituted against Pele Holding and its subsidiary IPBG Pellets (IPBG) and controlled by the Leibold family before the Handelsgericht (commercial court) of Vienna on 5 March. The court has appointed Dr Thomas Deschka (Pele Holding) and Dr Viktor Igali-Igalffy (IPBG) as administrators. According to information from the Alpenländischer Kreditorenverband (AKV), both companies are no longer able to meet their payment obligations. Neither of the two companies are operationally active at present. No measures are being taken to continue the company’s existence. It is now to go into liquidation.

Given as the reason for the bankruptcy in the applications for proceedings filed by the companies themselves are the Chapter 11 proceedings against the two US IPBG subsidiaries Texas Pellets Inc. and Louisiana Pellets Inc. Chapter 11 proceedings were initiated against the two companies in the USA in February and April 2016. These insolvency proceedings involved six and seven creditors, respectively, with total claims of approximately 51.9m € and 61.2m €. German Pellets was by far the biggest creditor. Unsecured loans amounting to around 159.8m US$ were provided by German Pellets through the Austrian network of companies, among them the IPBG subsidiary VMH Holding. Texas Pellets was sold to Graanul Invest for 63m US$ in 2019. The assets of Louisiana Pellets were purchased by auction by the British energy company Drax Group for 35.4m US$ in 2017.

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