The court has thus refused to confirm the restructuring plan. “Until the present decision of the Higher Regional Court of Vienna becomes final, the proceedings will continue to be conducted as restructuring proceedings with self-administration,” the law firm of the Signa Prime restructuring administrator Abel Rechtsanwälte announced in a press release on Monday.
The continuation of Signa Prime Selection AG as a company remains “maintained,” said the restructuring administrator. However, Signa Prime can still appeal the OLG decision before the Supreme Court (OGH).
Benko’s flagship
In March, the creditors of Signa Prime and Signa Development approved the restructuring plan, including a trust solution, by a large majority. Thanks to the trust and a slower property sale, the creditors expected higher proceeds from the liquidation of the real estate company than from bankruptcy. Signa Prime was the flagship of the real estate group around investor Rene Benko.
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Source: Nachrichten
