The insolvent Signa Prime Selection AG of the Austrian investor René Benko receives a mass loan. The asset manager Attestor Ltd is making 100 million euros available, said the restructuring manager Abel Rechtsanwälte.
“This means that the company’s liquidity can be significantly stabilized with the aim of a structured exploitation of the assets,” it continued. It was agreed not to disclose details of the loan conditions. A mass loan is a loan to maintain business operations and is intended to ensure solvency.
The Signa Prime is considered the jewel of the Signa Group. It had slipped into crisis as a result of increased interest rates, construction costs and energy prices. The Prime portfolio includes, among others, the still unfinished Elbtower in Hamburg, the Berlin luxury department store KaDeWe, properties of the Galeria Karstadt Kaufhof department store chain and the building of the Austrian Constitutional Court. According to the restructuring administrator, Signa Prime’s creditors have registered claims of around 12.8 billion euros.
