Image: HELMUT FOHRINGER (APA)
Something is happening in the insolvency proceedings of the furniture chain Kika/Leiner: It has been confirmed from circles involved that the ex-owner Signa is paying 20 million euros into the insolvency fund from investor Rene Benko and has further claims to deal with in return. Accordingly, payment is made in four installments within two years. The approval of the payment means a special quota for the creditors of 15 percent.
The next step after the creditors’ meeting on Monday, which also discussed the 20 million euro payment, is the insolvency administrator’s report on the restructuring plan, which is expected at the end of the third week of September. As reported, Gernot Leitner is the insolvency administrator. Stephan Riel was appointed as special administrator to examine any claims against Signa.
In terms of the number of employees, the Kika/Leiner insolvency was the largest bankruptcy in the past ten years. The owner of the furniture store is now the investor Hermann Wieser. Around 3,300 employees are affected by the insolvency; according to credit protectors, creditor claims (liabilities) amount to 132 million euros. The furniture chain is seeking a restructuring plan payable within 2 years. The approximately 440 creditors should receive a quota of 20 percent.
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