One of the most important Signa companies, Signa Prime Selection AG, is now declared bankrupt. The Supreme Court confirmed the Vienna Supreme Court’s rejection of the restructuring plan accepted by the creditors – thus confirming the claim of the Republic of Austria!
Signa Prime Selection AG, one of the core companies of the nested Signa conglomerate, has been officially insolvent since the end of 2023. In the spring of 2024, creditors agreed to a trust restructuring plan, but the Vienna Supreme Court did not confirm this plan.
Top features bundled
The financially distressed company appealed the OLG decision, but the Supreme Court upheld the rejection. This means that one thing is certain: there will be no restructuring under its own management, but Signa Prime Selection AG, which, as is known, bundled the top properties in city centers, will go bankrupt.
In addition to the ruins of the Lamarr department store on Vienna’s Mariahilfer Straße, the Tyrolean department store in Innsbruck and the Elbtower in Hamburg also belong to Signa Prime Selection AG. The properties are now part of the bankrupt estate and a sale seems almost certain.
Success for “Lawyer of the Republic”
Wolfgang Peschorn, President of the Financial Prosecutor’s Office and therefore de facto ‘lawyer of the Republic’ in the Signa case, had already stated shortly after the opening of the procedure that they would not agree to the restructuring under self-government for various reasons.
Most recently, he reiterated in “ZiB 2” that, given its scope, he was not convinced that in-house restructuring proceedings would be appropriate to investigate the events in Signa. “You should not see it as one allotment garden next to another,” said Peschorn, “but as a large house with thirty rooms, into which you have to look everywhere.”
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.
