Signa Prime’s creditors have registered claims of approximately 6.3 billion euros. This is evident from a press release from restructuring manager Norbert Abel. Of the 219 claims filed so far, only around €2.6 billion has been recognised.
Liabilities are likely to “significantly increase” due to intercompany claims from Signa Prime Group that have not yet been registered, while the planned sale of real estate is likely to “significantly reduce” the liabilities side, the report said.
More than half of the claims – around 3.7 billion euros – are currently disputed and will be further investigated. “This is because, due to the size and complexity of the insolvency proceedings, a final examination of the claims was only possible during the audit meeting,” says Karl-Heinz Götze of the Credit Protection Association of 1870 (KSV1870).
Claims from Germany
In addition, further claims from Germany are expected. These are so-called intercompany claims. “These claims are claims within the Signa Group, including warranties and assumptions of liability, and several subsidiaries of the debtor are now asserting these claims,” the Alpine Creditors Association (AKV Europa) said.
The search for investor money for the crumbling Signa Group has apparently been unsuccessful. “The debtor management’s original plan to attract the necessary liquidity for stabilization by raising up to EUR 350 million of participation capital through participation certificate holders, shareholders and institutional financial creditors ultimately failed at the end of January 2024,” said Gerhard Weinhofer of the Creditors Committee. Protection Association Credit Reform with.
The previous investors had not agreed to provide the necessary financing. However, efforts will still be made to set up mass financing of approximately 150 million euros for the Signa project companies and for the German Signa companies that are in preliminary insolvency proceedings, the statement continued.
As recently revealed, individual properties grouped under the umbrella of bankrupt luxury real estate company Signa Prime will now be sold to raise the necessary funds for the renovation. These include the Park Hyatt, the Golden Quarter and the Constitutional Court building in Vienna, as well as the Tirol department store in Innsbruck.
The company is currently in “intensive negotiations with potential donors,” according to KSV1870. “It remains to be seen whether potential buyers will be found and whether the properties will be sold as a so-called package or individually to different interested parties,” said AKV Europe.
Positive signals about Signa Prime
The future of Signa Prime must therefore be secured for the time being. “From the current perspective of the restructuring manager, the financing of Signa Prime Selection AG’s operating activities remains assured according to the presented financial plan,” the restructuring manager said in a statement.
“The restructuring process with self-governance is still on track in terms of insolvency law and the 30 percent quota still seems feasible,” creditor protection officer Weinhofer also said positively.
In the meantime, the assessment of the suitability and feasibility of Signa Prime’s proposed restructuring plan will continue.
A final assessment of whether this is feasible is not expected until shortly before the vote on the restructuring plan in mid-March. It is known that the real estate company, which went bankrupt at the end of December, is offering its creditors a 30 percent quota within two years.
The restructuring plan of the important Signa company will be voted on on March 18. This will decide whether Signa Prime can continue or whether it must go bankrupt. According to information from Creditreform, there are currently 28 employees working at the locations in Vienna and Innsbruck. (sda/awp/apa)
Soource :Watson
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