Next bankruptcy looms
Republic lets Signa restructuring plan fall through
The fiduciary restructuring plan of Signa Development seemed to be in the bag following the approval of the creditors in mid-March and the confirmation by the Commercial Court of Vienna. Now, however, the Republic of Austria is lodging an appeal, meaning that the Finanzprokuratur is lodging an appeal against the confirmation of the Commercial Court.
This was reported by "Die Presse" on Tuesday evening. According to the newspaper, this could delay the liquidation process by months and also threaten bankruptcy. Finanzprokuratur President Wolfgang Peschorn confirmed the appeal to the "Presse", but did not wish to comment further.
Peschorn had not agreed to the restructuring plan at the creditors' meeting in March, at which he represented the interests of the Republic of Austria as head of the State Financial Procurator's Office, and instead spoke out in favor of bankruptcy in order to be able to fully clarify the matter.
The ball is in the court's court
According to the "Presse", it is now the turn of the Higher Regional Court (OLG) for Signa Development. The Republic is also expected to intervene in the case of Signa Prime Selection, but the deadline is still running.
The Signa bankruptcy series is by far the largest insolvency in Austrian economic history. Signa Holding was the first central company in investor René Benko's real estate empire to file for insolvency on November 29, 2023, followed by Prime and Development.
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