Signa Prime Selection AG, a subsidiary of the Signa Group, has received a much-needed financial boost with a massive loan of up to €100 million from British Asset Manager Attestor Limited. This funding will enable Signa Prime to implement its restructuring plan under the leadership of Norbert Abel, Restructuring Manager. While the specifics of the loan remain undisclosed, it has provided a sense of relief and relaxation within the company.
The restructuring process for Signa Prime Selection began on December 28 last year with self-management. A bulk loan ensures that the property can be properly disposed of, preventing a quick sale at lower prices. Attestor Limited, a London-based asset manager founded by German investor Jan-Christoph Peters in 2012, manages about €7bn and has supported various restructuring efforts in Austria and Germany.
As part of the restructuring plan, creditors of Signa Prime Selection will receive all available assets to settle their claims, and Norbert Abel will take over as trustee once the plan is legally confirmed. With claims of 12.8 billion euros, the bankruptcy trustee has so far recognized about 6 billion euros. This assistance from Attestor Limited has been a lifesaver for Signa Prime Selection AG during this challenging time.
With this newfound financial stability, Signa Prime Selection AG is now better equipped to execute its restructuring plan and move forward with confidence. The company’s luxury properties are now in good hands as they undergo proper disposal and liquidation processes.
Attestor Limited’s involvement in this process highlights their expertise in managing distressed assets and providing support during times of financial turmoil. Their reputation for supporting various restructuring efforts in Austria and Germany makes them a reliable partner for companies facing similar challenges.
Overall, this injection of funds into Signa Prime Selection AG represents an important turning point for the company and its stakeholders alike. With Norbert Abel leading the way as Restructuring Manager, Signa Prime is well on its way towards resolving its financial issues and emerging stronger than ever before.