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Republic is appealing against Signa Development's restructuring plan

Republic is appealing against Signa Development's restructuring plan

According to Al-Sahafa, the Republic is also expected to intervene in the Cigna Prime case. Both companies are threatened with bankruptcy.

Signa Development's trust restructuring plan appeared dry after creditors' approval in mid-March and confirmation by the Vienna Commercial Court. But now the Republic of Austria has filed an appeal, so Finanzprokurator is taking legal action against the Commercial Court's confirmation. This was reported by the online newspaper “Die Presse” on Tuesday evening. This may delay the liquidation process for several months, and there is a risk of bankruptcy, according to the newspaper.

Chief Financial Prosecutor Wolfgang Peschoorn confirmed the appeal to the “press”, but did not wish to comment further. Peschoorn did not approve the restructuring plan at a creditors' meeting in March, at which he represented the interests of the Republic of Austria as chief financial prosecutor and instead spoke in favor of bankruptcy until he could fully clarify matters. Theme.

According to Press, the Supreme Regional Court (OLG) is now responsible for Cigna's development. Republic is also expected to weigh in on Cigna Prime's selection, but the deadline still stands.

Signa's series of bankruptcies is the largest in the history of the Austrian economy. On November 29, 2023, Signa Holding was the first central company in investor Rene Benko's real estate empire to file for bankruptcy, followed by Prime and Development.

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