René Benko in front of the Signa logo in 2007. picture alliance / ROBERT JAEGER / APA / picturedesk.com | ROBERT JAEGER
Signa Prime Selection receives a mass loan of up to 100 million euros from Attestor Ltd.
The fresh money is intended to stabilize the company’s liquidity and enable structured exploitation of the assets.
Signa Prime went into self-administration restructuring proceedings in December 2023 and owns luxury properties such as the Kadewe in Berlin and the Alsterhaus in Hamburg.
Within the collapsed empire of the Austrian René Benko, she bundled the key pieces among the Signa properties: the Signa Prime Selection. But it also had to file for bankruptcy in order to reorganize itself under self-administration. Now, however, she is receiving fresh money. This emerges from a press release from the restructuring administrator Norbert Abel.
Accordingly, the British asset manager Attestor Ltd. to Signa Prime a mass loan of up to 100 million euros. “This allows the company’s liquidity to be significantly stabilized with the aim of a structured exploitation of the assets,” the statement says.
In December 2023, self-administered restructuring proceedings were opened over Signa Prime’s assets. With the loan, the company now gains time to avoid hasty sales at possibly worse prices.
The portfolio includes unique luxury properties such as the Kadewe in Berlin, the Alsterhaus in Hamburg, the Oberpollinger in Munich or the luxury hotel Park Hyatt in Vienna with the adjacent “Golden Quarter”. The bankruptcy is the largest in Austrian economic history.
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