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Benko earthquake: Court stops Signa Development AG's restructuring plan!
Supreme Court declares Signa Development's restructuring plan failed; Insolvency proceedings initiated.
Benko earthquake: Court stops Signa Development AG's restructuring plan!
The Benko drama takes a dramatic turn: the board of Signa Development Selection AG has announced the ultimate failure of its restructuring plan. After the Vienna Higher Regional Court had already rejected the trust solution applied for in July at the end of July, the Supreme Court has now also confirmed that implementing the plan is “obviously not possible”. How Today.at reported, the insolvent company is now faced with the fact that the attempt at restructuring has failed and the assets must be realized by a bankruptcy administrator.
As part of a legal dispute that lasted for months, the restructuring plan was classified as unlawful by the Financial Procuratorate, which represents the legal interests of the Republic. This plan called for paying creditors 30% of their claims by appointing a trustee to sell assets. The entire project was aimed at the hoped-for market recovery. But these hopes were dashed by the Supreme Court's decision Bloomberg Law reported.
“We accept the decision, our goal remains to implement the activities to create mass for the creditors,” explained Herwig Teufelsdorfer, board member of the company, to the APA. The road to recovery currently looks bleak and the company's future is uncertain. The bankruptcy proceedings raise questions regarding the realization of assets and could have significant consequences for creditors.