To this end, the company’s entire assets will be given in trust to the creditors, reported “Profil” on Saturday. The Signa Prime Selection has particularly high-quality properties. But all claims, dividends and liability claims should also be transferred. Restructuring manager Erhard Grossnigg is therefore handing over the disposal of the assets. According to “Profil”, it was still unclear whether this was the insolvency administrator Norbert Abel.
This plan is expected to be presented to creditors early next week. A meeting of the creditors’ committee is scheduled for Monday, as the Bloomberg news agency reported on Saturday. And on March 18th, the creditors are scheduled to vote on the restructuring plan. A general meeting is also planned for the beginning of April.
If the creditors agree to this plan, the restructuring will end in self-administration and will be transferred to a trust, according to the news magazine. However, this should not change the offer to pay creditors a quota of 30 percent of outstanding debts. However, how much they actually receive depends on the proceeds.
Over-indebted at 3.2 billion euros
Signa Prime Selection is over-indebted by 3.2 billion euros and the liabilities at book value amount to 4.3 billion euros. However, the most valuable properties in the group belong to the Signa Prime Selection. Through a sub-company, these include the Golden Quarter, the Hyatt Hotel as well as the building in which the Constitutional Court is rented and the Tyrol department store.
In addition, it holds three quarters of the shares in the insolvent Elbtower Immobilien GmbH through special purpose vehicles. But the construction site of the planned Lamarr department store on Vienna’s Mariahilfer Straße is also partly part of Signa Prime Selection.
There should be no shortage of interested parties for these properties. The Thai project partner, the Central Group, could be considered as the buyer of the department store shell on Mariahilfer Straße. But the Rewe Group is also considered a potential interested party, as OÖN readers have exclusively learned. The money goes to the creditors, such as the banks, which have their loans secured by land register, as well as to bond subscribers, although their claims are essentially unsecured.
Claims within the Signa companies have so far been disputed by the insolvency administrators. There was no immediate statement from Signa, “Profil” noted.
