The creditors of the furniture chain Kika/Leiner voted on Monday morning on the restructuring plan submitted to the St. Pölten Regional Court. Now one thing is certain: the Republic of Austria will never see many millions of euros again – and a Signa deal is widely criticized.
In mid-September it was announced that former Kika/Leiner owner Signa and Tyrolean real estate juggler Rene Benko paid 20 million euros into the bankruptcy pot in four installments within two years and in return had to settle further claims.
Signa has already transferred the first part of five million euros. “Based on the public actions of the Signa Group, you can expect that it can immediately pay 20 million euros. Otherwise you should really worry,” Chief Financial Officer Wolfgang Peschorn recently emphasized to “Krone”.
Redevelopment plan accepted
The restructuring plan presented has now also been accepted. The approximately 450 creditors receive a quota of 20 percent in total, payable within two years at the latest. By mid-August, creditors of Kika/Leiner and its staff had registered claims for a total amount of EUR 93 million, of which approximately EUR 46.5 million was attributable to the Republic of Austria (tax authorities).
Shortly after the Signa Group sold its operational Kika/Leiner business to trading manager and investor Hermann Wieser, the furniture chain filed for bankruptcy in mid-June. The Graz Supernova Group bought the furniture store’s premises.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
