Like Signa Development, Signa Prime is also likely to have made liability claims against those responsible for the company. According to a report by Abel, 16 corresponding letters from insolvency administrator Norbert Abel were sent to all current and former managers as well as to Signa founder René Benko.
The liability claims relate, among other things, to payments without consideration or payments that took place close to the opening of the insolvency proceedings, incorrect and incomplete representation of the economic situation of the Signa Group, as well as insufficient assets of the companies and the taking out of disproportionately high financing.
However, the recipients of the letters have rejected the claims through their legal representatives, Abel’s report continues. Accordingly, the claims are now likely to be asserted in court.
In general, Signa Prime Selection has sufficient liquid assets to ensure continued operations within the framework of the restructuring plan. This is supported by a mass loan of 100 million euros provided by the British asset manager Attestor Limited.
Signa has already drawn down half of this loan in two tranches of 25 million euros each. However, a special agreement would be needed to draw down the remaining 50 million euros. The interest rates for the first two loan tranches are 10 and 14 percent respectively, according to a report in the “Standard”.
