Austria: biomass plant builder Frankprojekt goes bankrupt with €11.25 million in liabilities

Frankprojekt GmbH of Wals-Siezenheim, near Salzburg, went bankrupt on 4 November on its own application, the creditor protection associations AKV and KSV1870 announced. The company, formerly VAS Energy Systems GmbH, plans and builds large heat and power plants across Europe, with a focus on biomass.

The figures. According to KSV1870, liabilities amount to about €11.25 million and some 225 creditors are affected. The proceedings were opened at the Salzburg Regional Court, and lawyer Helmut Hüttinger was appointed insolvency administrator.

Why the restructuring failed. Restructuring proceedings without self-administration had been opened on 3 December 2025, and in March 2026 creditors accepted a plan with a 20% quota, payable in instalments. The first 5% tranche, about €700,000, was due at the end of October and could not be paid. According to KSV1870, the money was to come from the sale of a group property; the sale went through, but the amount remaining after secured bank debt was not released. In addition, new orders fell well short of forecasts.

Background. In February 2026, 135 creditors had filed claims of €21.17 million, after cost overruns on international power plant projects and non-payment by some major customers, including one for a biomass combined heat and power plant in France. Frankprojekt is a subsidiary of VAS Holding GmbH of Wals, the main shareholder of VAS AG, which is listed on the Vienna Stock Exchange.

What comes next. Claims can be filed until 4 January 2027. The first creditors’ meeting and the claims verification hearing are scheduled for 18 January 2027 at the Salzburg Regional Court.

Real-time data for the country is on the country page