Steiner AG: debt-restructuring moratorium extended
According to a decision by the competent district court, the debt-restructuring moratorium will now run until February.
The illiquid real estate developer Steiner AG has been given a little more time. According to a statement published yesterday by the District Court of Zurich, the company has been granted an extension of the debt-restructuring moratorium. It will now run until February 7 of next year. Previously, a provisional debt-restructuring moratorium was in place. Steiner had applied for this in June.
At the time, the company cited a liquidity bottleneck due to "unforeseeable developments in connection with a few construction projects" as the reason. The difficulties had resulted from the general contractor business, from which the company had already decided to exit. Disputes over payments for the construction of a hospital in Wetzikon are particularly well known. Steiner always emphasized that real estate development was still profitable. (aw)
