Today is an exciting day for the crumbling Signa group. On the agenda in the afternoon are the two creditors’ meetings for the bankrupt Signa Prime and for Signa Development.
In addition, the deadline set by Erhard Grossnigg, member of Signa’s restructuring board, for a capital injection of 350 million euros is ending. The money would be needed to secure the restructuring process in-house and to prevent emergency sales from the portfolio of real estate juggler René Benko.
The creditors’ meeting and reporting meeting for Signa Prime is scheduled for 1:00 PM at the Commercial Court in Vienna, and for Signa Development at 3:00 PM. Signa Prime trustee Norbert Abel and Signa Development restructuring trustee Andrea Fruhstorfer will inform creditors about the status of the insolvency proceedings and the financial plan.
Vienna expects “Lamarr” to be completed
The city of Vienna is hoping for the Thai Signa partner Central Group for the department store “Lamarr” on Mariahilfer Strasse, which was planned by the ailing Signa Group and is currently only half finished. “Due to the advanced stage of construction, one can assume a high probability of completion – purely because of the economic interests of the Thai partner or a legal successor,” the city said.
The Neubau district, in which Mariahilfer Straße is located, as well as the Döbling district, which is also home to an unfinished Signa project in Muthgasse, want to involve Chamber of Commerce location lawyer Alexander Biach. So it’s about finding someone who can take on the projects.
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.
