Signa Development’s trust restructuring plan appeared to dry up after creditors’ approval in mid-March and confirmation by the Vienna Commercial Court. But now that the Republic of Austria is appealing, the Finanzprokurator is taking legal action against the commercial court’s confirmation.
“Die Presse” reported this on Tuesday evening. This could delay the liquidation process for months and, according to the newspaper, there is also a risk of bankruptcy. Chief Financial Officer Wolfgang Peschorn confirmed the call to the “press” but declined to comment further.
Peschorn did not agree to the restructuring plan at the creditors’ meeting in March, where, as head of the Financial Procuratorate, he represented the interests of the Republic of Austria and instead spoke in favor of bankruptcy to fully clarify the situation. matter.
It’s OLG’s turn
According to “Presse”, the Higher Regional Court (OLG) is now responsible for Signa Development. And it is also expected that the Republic will intervene for the Signa Prime Selection, but the deadline is still running.
The Signa series of bankruptcies is by far the largest insolvency in Austrian economic history. On November 29, 2023, Signa Holding was the first central company in investor René Benko’s real estate empire to file for bankruptcy, followed by Prime and Development.
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.
