The real estate company WW Holding AG announced insolvency proceedings on Thursday, January 18, 2018. Due to illiquidity and insolvency-related over-indebtedness, an application for the opening of insolvency proceedings is being prepared and will be filed with the competent court as quickly as possible, the company stated in an OTS press release.

Wienwert AG, which was considered the only significant collateral for the liabilities of WW Holding AG, was slated for sale. Following its parent company, Wienwert Holding, Wienwert AG also filed for insolvency in March 2018. There was no binding purchase offer for the company.

The economic difficulties are likely due to the disclosure of the investigation by the Public Prosecutor’s Office for Economic Affairs and Corruption (WKStA) against Wienwert. According to media reports, the suspicion involves embezzlement and obstruction of execution in favor of another party. The company had rejected the accusations; the presumption of innocence applies.

Due to the impending insolvency proceedings, bondholders face losing a total of up to 58 million Euros.

Bondholders’ claims could be based on both error and damages, as Wienwert AG or Wienwert Holding heavily advertised with allegedly excellent balance sheet figures and special collateral for bond purchases until recently, even though Wienwert AG actually already showed negative equity of EUR -9.8 million as of December 31, 2015.

We offer individuals, companies, and institutional investors who have subscribed to bonds of Wienwert AG or Wienwert Holding the opportunity to participate in Advofin’s collective proceedings.

If you join the collective proceedings, we will assume the entire litigation risk. In case of success, we will receive a participation fee of 34% of the proceeds from the litigation for assuming the litigation risk and financing all costs.

Are you a potentially aggrieved party who wishes to participate in the collective proceedings but does not want to bear any litigation risk yourself? Submit your contact details to us, and we will contact you for a non-binding and free assessment of your potential claims!