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Signa Prime is considered the jewel of Austrian investor René Benko’s Signa Group, which is in crisis due to rising interest rates, construction costs and energy prices. Prime’s portfolio includes, among others, the unfinished Elbtower in Hamburg, the luxury department store KaDeWe in Berlin, the properties of the Galeria Karstadt Kaufhof department store chain and the Austrian Constitutional Court building.
Signa Prime’s creditors have recorded claims of around 12.8 billion euros, according to the latest data from insolvency administrator Norbert Abel. The executive has so far only accepted around 5.9 billion euros of this.
Under his proposal, all properties must now be sold by him as trustee in an orderly manner over a period of three to five years to benefit from the expected recovery in the market. This must cover at least 30 percent of claims.
For tax reasons, Signa Prime’s real estate in Germany is not formally subject to trusteeship, but it retains de facto approval rights and control over Signa Prime’s outstanding claims on its subsidiaries.
The creditors’ meeting in Vienna was not about the sale of department stores such as KaDeWe and Galeria Karstadt Kaufhof, but only about the liquidation of the Signa real estate. However, these retailers, which also belong to the Signa Group, are also bankrupt and looking for buyers. The Globus luxury department store chain in Switzerland is partly part of Benko’s corporate empire.
(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.
