At the insolvent Signa Prime Selection AG, in which the Signa Group’s luxury properties are bundled, there are signs of relaxation: the British Asset Manager Attestor Limited grants the company one Mass loan up to 100 million euros.
This means that Signa Prime has liquidity and restructuring managers Norbert Abel can implement the trust restructuring plan, as can be seen in a communication from Good Friday. It was agreed not to disclose credit details.
A restructuring process with self-administration was opened via Signa Prime Selection on December 28th of the previous year. With the help of the mass loan, an orderly disposal of the properties is possible – hasty sales at lower prices can be prevented.
The London-based asset manager Attestor says it was founded in 2012 by German investor Jan-Christoph Peters and currently manages around 7 billion euros, most of which comes from US university foundations and family offices. In Austria, Attestor, as the second largest shareholder, supported the restructuring of Kommunalkredit. The British have also taken over the German holiday airline Condor and – together with VW – Europcar.
As part of the restructuring plan, the creditors of Signa Prime Selection will be provided with all usable assets to satisfy their claims and will be handed over to Abel as trustee after the restructuring plan has been legally confirmed. The claims registered so far amount to 12.8 billion euros, of which the insolvency administrator has recognized around 6 billion euros.