Restructuring canceled!

Signa Holding withdraws reorganization plan!

(Bild: EPA)

The insolvent Signa Holding of real estate juggler René Benko withdrew its restructuring plan application on Thursday and applied to the Vienna Commercial Court to change it to bankruptcy proceedings. The holding company could no longer be sufficiently financed from the restructuring of the two sub-companies Prime and Development.

The insolvency administrator of Signa Holding, Christoph Stapf, confirmed the bankruptcy petition on Thursday. A minimum quota for servicing creditor claims will therefore no longer apply.

The now final bankruptcy of the parent company was justified by the fact that the restructuring concept was primarily based on the value-preserving restructuring of the important investment companies - in particular Signa Prime and Signa Development - but that the proceeds from these investments are now no longer sufficient.

(Bild: EPA)

As a shareholder, Signa Holding would only participate in the proceeds from the implementation of the fiduciary restructuring plans of the two core Signa companies in fourth place as a result of the latest decision of the Annual General Meeting on Wednesday.

Signa Holding is therefore no longer expected to receive any significant participation values from the investments in Signa Prime and Signa Development.