26.01.2024 15:34
(Akt. 26.01.2024 15:40)
Insolvency administrator: Mass loan approved by the supervisory board today ©APA/HARALD SCHNEIDER
The insolvent real estate project developer Signa Development receives a loan amounting to 25 million euros from a subsidiary of the Haselsteiner Familien-Privatstiftung. A bankruptcy loan has priority over the claims that were taken out before the bankruptcy was declared. The mass loan was approved today by the supervisory board of Signa Development Selection AG, said restructuring administrator Andrea Fruhstorfer in a press release on Friday.
According to the commercial register (“WirtschaftsCompass”), the Haselsteiner Family Private Foundation holds 9.2 percent of the real estate company. The creditors’ committee, represented by the creditor protection associations AKV, KSV and ÖVC as well as the Finanzprokuratur, assessed the liquidation loan positively. Signa Development co-owner Hans Peter Haselsteiner had already stated on ORF’s “ZIB2” on Wednesday that he would make up to 25 million euros available to the project developer company. Signa founder Benko and other Signa Development shareholders have not yet provided any fresh capital.
“The mass loan of 25 million euros was an important step towards further stabilizing the project companies in order to avoid emergency sales with significant loss of value,” said the Signa Development insolvency administrator. This would allow “unpaid payments to be made at the level of the project companies and ensure continued operations”.
In addition to Signa Development, the family foundation of Strabag founder Haselsteiner also holds a 15 percent stake in the insolvent Signa Holding. “I see myself as having a responsibility as a significant shareholder to minimize the damage to the company and the creditors,” said Haselsteiner, according to the broadcast, with regard to Signa Development. “The mass loan is intended to enable an orderly restructuring by the restructuring administrator and management in order to gain more time for better sales and thus for a higher repayment rate from creditors.”
A report in the “Financial Times/FT” caused a stir on Thursday, according to which Signa Development transferred more than 300 million euros last year to two companies close to Signa founder Rene Benko. Accordingly, Signa Development loaned 125 million euros to Laura Finance Holding GmbH and another 190 million euros to Laura Holding GmbH, writes the “FT”. At the end of 2023, Signa Development applied for restructuring proceedings under self-administration. The FT report does not say exactly when the money flowed.
The Signa Development restructuring manager has now commented on the “FT” report for the first time. “The accusation that payments were made from Signa Development Selection AG to Rene Benko or legal entities attributable to him immediately before the bankruptcy was declared is incorrect,” said Fruhstorfer. It is true that there are claims against related companies of the Signa Group. “According to the current survey, the rumored 300 million euros were used for Signa’s real estate projects. The claims will of course be examined and pursued by the restructuring administrator.” A detailed presentation of the offsetting relationships takes place as part of the reporting to the insolvency court and the creditors’ committee.
The domestic credit protectors are interested in the transactions. “Legal transactions that took place shortly before the insolvency and that reduced the insolvency measures can be reversed,” said Gerhard Weinhofer from the creditor protection association Creditreform to the “Kurier” (Friday edition). “As a rule, such a transaction can be challenged retroactively for up to one year.” We will look at these payments very closely, Weinhofer told the “Oberösterreichische Nachrichten” (Friday).
At the beginning of November 2023, the rating agency Fitch downgraded Signa Development to “high risk”. Fitch noted the “risk” that Signa Development channeled its own funds to other parts of the Signa Group. This can be seen from the increase in “other financial receivables”, which increased by 215 million euros in the first half of 2023. These are referred to in the semi-annual report as interest-bearing “loans to indirect shareholders”.
2024-01-27 00:35:39
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