Staggering $226 million debt marks the catastrophic bankruptcy of Hallmann Corporation.

Hallmann Holding, a prominent German conglomerate, has announced plans to restructure its real estate business. The company aims to focus more on logistics companies, apartment hotels, and student housing, moving away from the shopping and retail sector.

In a bid to maintain financial independence, Hallmann Holding has decided not to rely on investor capital or special financing forms. This reorganization will primarily involve scaling back the development of new projects and shifting the focus to existing properties.

Creditors have been informed that they can submit their claims by May 30. A report and inspection hearing have been scheduled for June 12, providing more details about the restructuring process.

The insolvency plan proposal for Süba AG, a subsidiary of Hallmann Holding, includes a quota of 20 percent, payable within two years. The insolvency plan for Süba AG is expected to be financed through the continued operation of the company or with the support of an investor via real estate projects of non-insolvent subsidiaries.

Lawyer Clemens Richter has been appointed as the insolvency administrator of Süba AG, overseeing the restructuring process. The exact details of the reorganization and its impact on the company's operations are yet to be fully disclosed, but Hallmann Holding assures its stakeholders that it is committed to a smooth transition.

The reorganization is expected to streamline Hallmann Holding's real estate portfolio, making it more focused and efficient. As more details emerge, the public will have a clearer understanding of the changes ahead for this influential German company.