There is a significant change in Signa Holding’s insolvency proceedings: While Signa Holding applied for restructuring proceedings with self-administration on November 29, 2023, the restructuring administrator Christof Stapf has now applied for a change to restructuring proceedings without self-administration, according to a broadcast on Thursday .
“The withdrawal of self-administration actually has no significant impact on further developments in the insolvency proceedings, since all of the debtor’s actions since the opening of the restructuring proceedings have been carried out in close coordination with the restructuring administrator,” said Karl-Heinz Götze from the Kreditschutzverband 1870, according to a press release. “The withdrawal of self-administration also has no impact on the restructuring and stabilization measures previously initiated by the restructuring administrator,” said Götze.
If this change actually occurs, the creditors will suffer. In a procedure with self-administration, they must be offered a quota of at least 30 percent; in a restructuring procedure without self-administration, they must be offered at least 20 percent of the claims that must be serviced as part of the procedure. According to the insolvency application, the holding company’s liabilities amount to 5.26 billion euros, of which only around 252 million euros are secured. The quota for the creditors ultimately depends on the negotiations on the restructuring plan.
The change in procedure eliminates the time pressure
The change in procedure is justified by the restructuring procedures via Signa Prime Selection and Signa Development Selection, in which Signa Holding has a significant stake. The restructuring plan meetings are scheduled for March 18th – too late for a restructuring plan for Signa Holding. The change in procedure eliminates the time pressure. The previous restructuring administrator Stapf is therefore taking over the management of the holding company as insolvency administrator.
Signa Holding’s restructuring plan meeting is scheduled for the end of April. The company will be significantly slimmed down by then, everything that is not necessary for operations will be sold and the holding structure of the holding company will be stabilized, the statement goes on to say.
