2024-01-12 11:30:46
The first creditors’ meeting of the insolvent real estate companies Signa Prime and Signa Development next Monday is eagerly awaited. As of Friday followingnoon, there was no information as to whether the 350 million euros demanded by Signa’s restructuring director Erhard Grossnigg by January 15th would be added from existing investors. Without an additional cash injection, a restructuring process is apparently difficult to achieve.
So far, only Signa shareholder Hans Peter Haselsteiner has publicly signaled that he may support a capital injection. “I can imagine subscribing to Signa Prime’s profit participation rights so that money comes in and the renovation can be implemented under self-management in a way that preserves value,” Haselsteiner recently told the German “Handelsblatt”. The money is intended to ensure the restructuring procedures of Signa Prime and Signa Development in self-management and to avoid emergency sales. The 350 million euros are intended to support the two insolvent stock corporations through the next three to four months. Signa founder Rene Benko has not yet commented on whether he will participate in the cash injection.
In response to an APA request on Friday, Haselsteiner said that everything was still in limbo and that there had not yet been any decisions regarding a subsidy.
The creditors’ meeting and reporting meeting for Signa Prime is scheduled for next Monday, January 15th, at 1:00 p.m. at the Commercial Court in Vienna, and for Signa Development at 3:00 p.m. Signa Prime insolvency administrator Norbert Abel and Signa Development restructuring administrator Andrea Fruhstorfer will inform creditors regarding the status of the insolvency proceedings and the financial plan.
The insolvency expert of the Alpine Creditors Association (AKV), Cornelia Wesenauer, has high hopes for the two appointments on Monday, especially from the perspective of Signa Holding, as she said in an interview with the APA. Only when there is more clarity as to how things can proceed with Signa Prime and Signa Development can work continue even if Signa Holding goes bankrupt.
In order to raise money for the continued existence of the holding company, the furniture from the Signa Holding headquarters in Vienna is currently being auctioned off. According to “Standard” (online edition), some of the proceeds from the auction will go to the foundation of Billa founder Karl Wlaschek. Signa Holding is likely to have rent arrears with the Wlaschek company, as the private foundation explained to the newspaper. Landlords have a lien on the furnishings brought in by tenants, the “Standard” points out the current law.
Meanwhile, the Economic and Corruption Public Prosecutor’s Office (WKStA) receives statements of the facts of the case on a daily basis. “Many submissions have already been received and more are being added regularly,” confirmed WKStA spokesman René Ruprecht to the Kurier (Friday edition). A team of public prosecutors and business experts has already been formed that has to examine the initial suspicion for each of the Signa advertisements. If this is confirmed, an investigation will be initiated. But the WKStA isn’t that far yet, the newspaper said.
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