End of Schoeller deal

Sale of Signa luxury real estate canceled

Signa Prime's real estate package, which was to be sold to the German industrialist family Schoeller, also includes the Vienna Park Hyatt Hotel, for example.(Bild: APA/Georg Hochmuth)

The creditors' meeting of René Benko's insolvent Signa Prime has once again not approved the sale of luxury real estate to the German industrialist family Schoeller. The deal has finally been called off, informed creditor circles told APA on Thursday.

On Monday, the creditors' committee had spoken out against the sale to Schoeller and finally rejected the transaction on Wednesday. Some creditors lacked the justification as to why there was no alternative to the deal, it is said.

The assets include the Goldenes Quartier, the Park Hyatt hotel in Vienna and the Tyrol department store in Innsbruck. The German industrialists helped René Benko's Signa Prime Selection out of a liquidity crunch last summer with a loan of 200 million euros.

In return, the Schoeller family received liens on the financing company Signa Prime Capital Invest GmbH, which owns shares in valuable properties such as the planned Lamarr luxury department store in Vienna, the KaDeWe department store in Berlin and the Elbtower project in Hamburg.

Vote on improved restructuring plan
Next Monday, the creditors of Signa Prime will vote on the improved restructuring plan at a hearing at the Commercial Court of Vienna. In addition to the 30 percent quota and a super quota, the complete realization and distribution of all debtor assets is to be monitored by a trustee.

It was only on Wednesday that the Munich public prosecutor's office confirmed a German media report that real estate juggler and Signa founder René Benko is under investigation for money laundering.