Signa Prime Selection is protesting against the fact that the Vienna Higher Regional Court overturned the restructuring plan at the request of the Financial Prosecutor’s Office. The company, which belongs to Rene Benko’s Signa Group, has therefore filed an appeal with the Supreme Court (OGH).
As reported, Signa Prime has secured approval from creditors for a trust solution. This will allow real estate and investments in project companies to be organized and sold at better prices. Restructuring administrator Norbert Abel has gained time: “From today’s perspective, the restructuring process will remain in self-administration until the Supreme Court makes its decision.”
The aim now is for the Supreme Court to approve the restructuring plan or to refer the case back to the commercial court. The legal dispute has been dragging on since the end of April. Signa Prime Selection is a commercial real estate company that, before its bankruptcy, was responsible for the planned Lamarr department store and the Park Hyatt hotel in Vienna, among other things.
