Tübingen-based Thallos AG is threatened with bankruptcy: it has applied for self-administration insolvency proceedings. The AG announced this on Thursday afternoon in a brief email with an attached, more detailed press release.
The main reasons for the slump are “the difficult market situation on the real estate market” and “the high level of interest rates,” it is said. Thallos AG is an asset and real estate manager with a nationwide customer base. In addition to corporate investments and financial management, investments in real estate and project developments are part of the core business.
Thallos currently has around 30 employees and locations in Tübingen and Stuttgart. The last published annual reports from 2021 read positively, but do not exclude future risks in their forecasts. The company sold building ownership in Tübingen and Stuttgart, built and renovated real estate, organized corporate investments in commercial buildings, and took over leasing and administration. She has also carried out asset management via stock and bond strategies and advised companies on their contacts with financiers.
Business operations will continue under the supervision of lawyer Jochen Sedlitz as interim administrator. The AG should also further develop ongoing projects in order to preserve the company’s value as much as possible during the process. Wages and salaries for employees are secured by the employment agency. “The jobs should be preserved as much as possible,” says the insolvency administrator.
The self-administration is carried out by the auditors Matthias Beck and Gerhard Müller (Falk Restructuring) and lawyer Thomas Oberle (Schilling, Zutt & Anschütz). The company should be restructured and preserved, it is said. The largest shareholder in Thallos AG, with almost 30 percent, is Braun Vermögensverwaltung from Stuttgart, a pure management company with no employees of its own. She is also in bankruptcy proceedings.