A restructuring proceeding with debtor-in-possession status was opened Friday at the Regional Court of Korneuburg against Lifestyle Realbesitz Verwertungsgesellschaft mbH & Co. KG.
The company, which primarily manages Schloss Leopoldsdorf near Vienna, became insolvent after losing rental income from key tenants. According to creditor protection association Creditreform, the company’s liabilities amount to €12.9 million.
Among the main tenants at Schloss Leopoldsdorf were Eyemaxx International Holding & Consulting GmbH and VST Building Technologies AG. Following the insolvencies of both companies, the court-appointed insolvency administrators terminated the lease agreements for the office premises.
Because the spaces had been customized to meet the specific needs of the tenants, efforts to find new tenants were unsuccessful. The loss of rental income led to liquidity problems, leaving the company unable to cover the castle’s maintenance costs.
23 Creditors Affected
A total of 23 creditors are affected by the insolvency proceedings. Creditreform said that most of the €12.9 million in liabilities is secured by mortgages. As a result, only about €366,000 is relevant for the proposed restructuring plan.
The company is offering creditors a restructuring plan with a repayment quota of 30 percent.
The company’s primary objective remains the sale of Schloss Leopoldsdorf under the best possible conditions, and negotiations with potential buyers are continuing. Previous talks, mainly with prospective investors from non-EU countries, failed to result in an agreement.
Attorney Michael Ludwig-Lang has been appointed insolvency administrator. Creditors have until July 2, 2026, to register their claims. A claims review hearing is scheduled at the Regional Court of Korneuburg on July 16, while creditors are expected to vote on the restructuring plan on August 27, 2026.
