Signa bankruptcy: 11.7 billion euros! Luxury properties are for sale

Signa bankruptcy: 11.7 billion euros! Luxury properties are for sale

After the collapse of the Signa Group, international sales of luxury properties started to serve the enormous financial claims of a total of 11.7 billion euros. This situation has led to the handling of the “Signa Prime” sub -Group, which should be completed by the middle of or at the end of 2026. In this sub -group, numerous high -priced real estate projects are bundled, the sale of which is currently in full swing. According to information from oe24.at Billions of euros are recognized, while 2.9 billion euros are disputed. In the case of the limited claims of 4.5 billion euros, the situation is similar: 1.1 billion euros are recognized, while around 3.4 billion euros have been rejected.

A mass loan of 50 million euros was also repaid. So far, 26.8 million euros have flowed into the bankruptcy estate, with 62.5 million euros from extrajudicial comparisons. 28 lawsuits are currently underway at the Vienna Commercial Court, which have a total amount of 199.6 million euros. The Abel law firm has fully checked the claims and expects the creditors to pay less repayments due to tax effects.

sales projects and delayed processes

The sales process of Signa real estate has delayed the type of procedure through legal disputes. A promising sales object is the 33-story high-rise Upper West in Germany, the sale of which will be sought in December 2023. The Hotel Park Hyatt in Vienna is also to be sold by mid -2025. The conclusion of the recycling process for the building complex Renngasse Vienna, which includes the Constitutional Court and the Art Forum, is planned for early 2025

The offer period for binding offers ends on December 6, 2023, whereby positive feedback has already led to a certain confidence in the signal of the contract. María Abel from the Abel law firm explained that the change from the renovation to bankruptcy proceedings at the Vienna Commercial Court was carried out in October 2024 and the law firm acts as an insolvency administrator.

legal challenges and market conditions

In October and November 2023, 16 complaints were brought in with increased claims of 471 million euros, with the previous claims being 456 million euros. In addition, the fee payments to members of the supervisory board from 2023 will be challenged out of court, whereby the majority has caused repayments. Despite these challenges, the turning point in the commercial property has not brought the hoped -for stabilization of the market.

The current sales processes include prestigious objects in Vienna and in Innsbruck. In a procedure monitored by the Vienna Commerce Court, further liability letters in the second and third quarter 2025 are sent to the creditors to create transparency and clarity about the repayments.

Due to the scope of the claims and the numerous legal disputes, it becomes clear that the creditors face a long and complex exploitation process. The Abel law firm will play a crucial role in the coming months to organize the claims and to ensure that the debts are decorated as orderly.