Austria’s top court ruled that a restructuring plan put forward by Signa Prime Selection AG and its creditors was unlawful, pushing the luxury landlord into bankruptcy, Bloomberg News reported. The Supreme Court verdict follows a months-long court battle over the restructuring agreement adopted in March by creditors of the flagship unit in tycoon Rene Benko’s erstwhile conglomerate. The plan aimed to pay creditors 30% of their claims by appointing a trustee to manage a protracted sale of assets, benefiting from an anticipated recovery in market valuations.
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Austria
The Schoeller Group is in exclusive talks to buy Signa’s Upper West tower in Berlin, according to people familiar with the matter, in one of the most closely watched property transactions in Germany, Bloomberg News reported. The industrialist family’s investment office has been picked for exclusive negotiations after several rounds of bids for the building that is part of Austrian tycoon Rene Benko’s defunct empire. The insolvency administrator of Signa Prime Selection AG had been nearing a deal to sell the property for more than €400 million ($432 million), Bloomberg previously reported.
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