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According to the report, only 80.3 million euros of the 302 applications made so far in the first stage were accepted and 8.533 billion euros were provisionally objected.
According to the information obtained, many applications were made late or after the registration period had expired. As the audit report shows, for a third of the allegations, appropriate documentation was not provided to substantiate the allegations. Therefore, it can be assumed that the amount of compensation recognized will increase significantly.
Creditors may claim their receivables by filing a lawsuit with the bankruptcy court within 2 months. The insolvency administrator will also review the claims and recognize them if necessary. “It will be the responsibility of creditors to provide the necessary documentation for the proper processing of credit records through the bankruptcy court,” Stapf said.
It has been stated that approximately 5.1 billion euros of the demands recorded so far arise from liability claims arising from letters of guarantee and guarantee, and 1.6 billion euros arise from liabilities arising from intra-group payments. The second “intercompany obligations” were fully discussed by the bankruptcy administrator. And 1.04 billion euros can be attributed to loan debts.
Compensation claims are relatively modest at 124 million euros, while wage demands are 33 million euros. According to the report, the total of receivables from deliveries and services, public taxes and rent amounts to only 2.7 million euros.
Regardless of this, two arbitration claims by Mubadala (UAE) and AM1 (Al Mirqab Capital, Qatar) are still open: These involve payments of 713 million euros and 296 million euros respectively. Signa Holding applied for the suspension of both cases due to bankruptcy.
Existing and fixed assets that are not currently needed are not sold; Investments such as Signa RFR US Selection, Kadens Capital and media investments are also evaluated. The valuation of the investments was given to Deloitte and negotiations regarding the sale of these investments are ongoing.
Stapf and Deloitte also prepare a financing plan and check the value of the assets. Additionally, the objectionability of a large number of business transactions in the 12-month period before the declaration of bankruptcy will be examined.
In Switzerland, in order to obtain information about the inheritance cases of Signa Retail’s subsidiaries in Switzerland, the bankruptcy case of Signa Holding must first be recognized. The group owns a 50 percent stake in the Globus department store group in Switzerland.
As Signa Group’s insolvency administrators have different interests to represent, there is currently no group-wide steering committee. An expert report is now intended to clarify the mutual information obligations of Signa Development and Signa Prime with the bankruptcy estate of Signa Holding.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
