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Regular arbitration is necessary  Cigna Bankruptcy: Swap Claim Rejected According to Insolvency Administrator

Regular arbitration is necessary Cigna Bankruptcy: Swap Claim Rejected According to Insolvency Administrator

Abu Dhabi’s sovereign wealth fund, Mubadala, rejected its request to pay, among other things, €713 million from bankrupt Cigna Holdings, which is currently being restructured. According to insolvency administrator Christoph Stapf, this was decided in an emergency arbitration procedure (file number ICC 28267/GL(EA)) and the application was rejected. Mubadala Investment Company can now assert its asserted claims in regular arbitration proceedings.

According to the profile, the recovery relates to an investment worth millions or funds that are said to have flowed to Signa and its companies in the past. Mubadala appears to have become active immediately after the bankruptcy of Cigna Holding: at the beginning of December, three companies linked to the company filed a lawsuit for 713 million euros, which was also reported by the Kron newspaper (online). As profile wrote, the companies are seeking temporary legal protection (“emergency arbitration”) against “several Signa companies” and “Mr. Rene Banco Ad.” He justified this by “violating the terms of the financing agreements.” Documents show that those reorganizing Signa Holding around insolvency administrator Christoph Stapf applied to block the proceedings under Austrian law. However, this should only affect claims against the insolvent Signa Holding company and not personal liabilities or claims against other insolvent companies, according to the Profile.

Mubadala is said to have invested €550 million in Cigna

Cigna Holdings declared bankruptcy on November 29 despite rescue attempts – rumors included discussions with Arab lenders. Even before that, Rene Benko was no stranger to Abu Dhabi: according to media reports, the Tyrolean investor is said to have traveled to the UAE several times in the past, including in the company of the former Federal Chancellor and former Deputy Prime Minister. Its president is Sebastian Kurz. According to a report published by Al-Akhbar magazine, Mubadala is said to have invested a total of 550 million euros in Cigna.

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