Signa Prime: restructuring plan failed – schuhkurier

According to consistent media reports, the Supreme Court of the Republic of Austria has rejected the restructuring plan of Signa Prime Selection, which includes luxury properties such as the Elbtower, which is still under construction. A restructuring plan was previously accepted by the majority of creditors, which would have resulted in an orderly sale of the properties. The Vienna Higher Regional Court overturned this plan after a lawsuit by the President of the Financial Procurator of the Republic of Austria, Wolfgang Peschorn. This decision was confirmed by the Supreme Court as the plan was “unfulfillable”.

As was the case with the holding company in April, the restructuring process will be converted into bankruptcy proceedings. This means that the minimum quota for servicing creditors’ claims no longer applies.

The Kadewe property, which previously belonged to Signa Prime Selection, was sold back in April. sold to the Central Group.