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Hotel Panhans sold for 5 milllion Euro

One of Austria's best known hotels – the Hotel Panhans with its spectacular panorama view over the Semmering region - has been sold for five million Euros.

The hotel which went into liquidation has now been saved after a long drawn out insolvency case.

The Mostviertler company IBS is said to have transferred five million Euro to the liquidator Gernot Hain and the insolvency proceedings have been closed by the court.

IBS Umwelt- und Verkehrstechnik GmbH an architectural and engineering company owned by Thomas Schellenbacher (75 per cent share) and Ukrainian Igor Palytsia (25 per cent share) have bought 92 per cent of the shares in the hotel.

The traditional hotel reportedly had debts of around 3 1/2 million euros which are owed to two banks and various other creditors.

The hotel is expected to be renovated and to be run in the future as a hotel.

According to information available the firm Pöchlarner IBS Umwelt- und Verkehrstechnik GmbH, and architects and engineers office has a turnover of around 3,000,000 euros a year according to figures for 2010.

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