Image: HELMUT FOHRINGER (APA)
The insolvent Signa Holding still owes the Kika/Leiner creditors, including the tax office, a total of around 15 million euros. As the former owner of the furniture chain, Signa has pledged around 20 million euros, payable in four installments, as a so-called “super rate” to settle all liability claims.
The former Kika/Leiner special administrator Stephan Riel will now register the 15 million euro claim in the Signa Holding insolvency proceedings as trustee. “It now appears that the Finanzprokurator was right to insist that Signa should have paid the settlement amount of 20 million euros in one go and immediately,” said Finanzprokuratur President Wolfgang Peschorn in a written statement to the APA on Friday. Signa Holding transferred five million euros in September; the other three installments would have had to be paid in December 2023, June 2024 and December 2024.
In September, the Kika/Leiner creditors’ committee accepted Riel’s proposal to accept the general settlement offer with a majority of votes from the Credit Protection Association, the Alpine Creditors’ Association, the Creditforum, the Employees’ Insolvency Protection Association and against the vote of the Finanzprokuratur. With the general settlement, the trading and real estate group around Rene Benko has eliminated all claims identified by Riel from the Kika/Leiner insolvency against all Signa companies as well as all Signa bodies and consultants. Signa sold the Kika/Leiner properties to the Graz Supernova Group at the end of May and the operational furniture business to the trading manager Hermann Wieser at the beginning of June. Shortly afterwards, the furniture chain filed for bankruptcy.
More than 500 creditors after Kika/Leiner bankruptcy
At the end of September, the vast majority of Kika/Leiner’s creditors agreed to the restructuring plan offered. The more than 500 creditors will receive a quota of 20 percent within two years to fully satisfy their claims. The liabilities to be taken into account amounted to 131.6 million euros, of which 49.6 million euros were attributable to the tax office.
The Finanzprokurator, as the Republic’s lawyer, had approved the improved restructuring plan, among other things because there was a “hard letter of comfort” from the new owners of Leiner & kika Möbelhandels GmbH for the full payment of the further quotas and a continued existence and location agreement for all branches until the end 2026 was agreed. The financial prosecutor’s office expressed criticism of the Signa general comparison several times. The agreed settlement was “too small and the amounts do not reflect corporate responsibility,” said Finanzprokuratur President Peschorn in September.
However, the Signa turbulence does not affect the Kika/Leiner furniture chain under new ownership. “We would like to clarify that Kika/Leiner is not affected by the insolvency of Signa Holding,” it said in a written statement on Thursday. The remaining 17 houses with around 2,000 employees are to be retained. “We are on the right track within the framework of the restructuring plan presented and approved by the creditors. This was also the prerequisite for the lifting of the insolvency in October 2023,” said a company spokesman.
- Read here: Kika/Leiner: The largest creditor is the tax office
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Source: Nachrichten
