Signa Prime Selection AG, the company that houses the luxury properties of the Signa Group, has received a much-needed boost in liquidity with a mass loan of up to 100 million euros from London-based asset manager Attestor Limited. The loan allows Signa Prime to implement a restructuring plan under the guidance of Norbert Abel, who has been appointed as restructuring manager.
The restructuring process for Signa Prime Selection began on December 28th of the previous year with self-administration. With claims totaling 12.8 billion euros, the insolvency administrator has recognized approximately 6 billion euros so far. The mass loan ensures that an orderly disposal of the properties can take place, preventing rushed sales at lower prices.
Attestor Limited is an asset management firm founded by German investor Jan-Christoph Peters in 2012 and manages around 7 billion euros. They have supported various restructuring efforts in Austria and Germany and have now provided a lifeline for Signa Prime Selection AG during this challenging time.
As part of the restructuring plan, creditors will receive all available assets to satisfy their claims and Norbert Abel will take over as trustee once the plan is legally confirmed. This assistance from Attestor Limited has provided a sense of relief and relaxation within the company, allowing them to focus on implementing their restructuring plan effectively.