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Austrian company Klausner, which began operation in US back in 2015 has filed for insolvency.

Bankruptcy proceedings were opened yesterday at the Innsbruck Regional Court against Klausner Nordamerika Beteiligungs GmbH and Klausner Trading International GmbH on their own application.

According to the Kreditschutzverband von 1870 (KSV 1870), Dr. Stefan Geiler was appointed as administrator for both companies. The creditors’ meeting is scheduled for June 3 in both cases, the deadline for filing open claims is May 20.

The reason for the insolvency of Klausner Nordamerika Beteiligungs GmbH, for which according to KSV preliminary figures liabilities of around €28 million have accrued, is outstanding loan repayments from two companies in the USA. These two US-based companies in turn hold 100% stakes in three and two other companies in the USA respectively. Attempts made since autumn 2019 to refinance the US companies have therefore been unsuccessful.

Klausner operates two sawmills in the US, Klausner Lumber One LLC (Live Oak/Florida) and Klausner Lumber Two LLC (Enfield/North Carolina).

The post Bankruptcy proceedings for Klausner’s US sawmill operations appeared first on Timber Industry News.