Signa Development receives 25 million euros in equity loan from Haselsteiner

A bankruptcy loan has priority over the claims that were taken out before the bankruptcy was declared. The mass loan is today from the supervisory board of the Signa Development Selection AG has been approved, said restructuring administrator Andrea Fruhstorfer in a press release on Friday.

• Also read: Signa: 305 million transfers contestable?

According to the commercial register (“WirtschaftsCompass”), the Haselsteiner Family Private Foundation holds 9.2 percent of the real estate company. The creditors’ committee, represented by the creditor protection associations AKV, KSV and ÖVC as well as the Finanzprokuratur, assessed the liquidation loan positively. Signa-Development co-owner Hans Peter Haselsteiner had already declared on ORF’s “ZIB2” on Wednesday that he would make up to 25 million euros available to the project developer company. Signa-Founder Benko and others SignaDevelopment shareholders have not yet provided any fresh capital.

• Article on the topic: Haselsteiner on Signa bankruptcy: “How could this happen to me?”

“The mass loan of 25 million euros was an important step towards further stabilizing the project companies in order to avoid emergency sales with significant loss of value,” said the company Signa-Development insolvency administrator. This would allow “unpaid payments to be made at the level of the project companies and ensure continued operations”.

“Responsibility as a significant shareholder”

The family foundation of Strabag founder Haselsteiner is next to the Signa Development also has a 15 percent stake in the insolvent Signa Holding involved. “I see myself as having a responsibility as a significant shareholder to minimize the damage to the company and the creditors,” said Haselsteiner, according to the broadcast with regard to the Signa Development. “The mass loan is intended to enable an orderly restructuring by the restructuring administrator and management in order to gain more time for better sales and thus for a higher repayment rate from creditors.”

A report in the “Financial Times/FT” caused a stir on Thursday, according to which the Signa Development donated more than 300 million euros to two companies in the area last year Signa-Founder Rene Benko transferred. Accordingly, she borrowed it Signa Development 125 million euros to Laura Finance Holding GmbH and a further 190 million euros to Laura Holding GmbH, writes the “FT”. The application was submitted at the end of 2023 Signa Development of a restructuring process in self-administration. The FT report does not say exactly when the money flowed.

• From the archive: Signa: What did the supervisory board actually do?

The SignaDevelopment redevelopment administrator commented on the “FT” report for the first time. “The allegation that payments were made by the company immediately before the bankruptcy was declared Signa Development Selection AG to Rene Benko or legal entities attributable to him is incorrect,” said Fruhstorfer. It is correct that there are claims against related companies Signagroup. “According to the current survey, the rumored 300 million euros for real estate projects is the Signa been used. The claims are of course examined and processed by the restructuring administrator.” A detailed description of the offsetting relationships is provided as part of the reporting to the insolvency court and the creditors’ committee.

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