Benko quake: Court stops renovation plan from Signa Development AG!

Benko quake: Court stops renovation plan from Signa Development AG!

The Benko drama takes a dramatic turn: The board of Signa Development Selection AG has announced the final failure of its renovation plan. After the Vienna Higher Regional Court had already rejected the trust solution requested in July at the end of July, the Supreme Court now confirmed that implementation of the plan was "obviously not possible". As Today. In the context of a month -long legal dispute, the renovation plan was classified as illegal by the financial power of the financial power, which represents the legal interests of the Republic. This plan provided for the creditors to pay 30 % of their claims by commissioning a trustee to sell assets. The entire project aimed at hoped -for market recovery. However, these hopes were destroyed by the decision of the Supreme Court, such as Bloomberg Law

"We accept the decision that our goal remains to implement the activities to create mass for the creditors," Herwig Teufelsdorfer, board member of the company, told APA. The path to the renovation currently looks dark and the future of the company is uncertain. The bankruptcy proceedings raise questions regarding the utilization of the assets and could have significant consequences for the creditors.