According to the bankruptcy filing, financing for completion is not secured. The bank debts amount to 260 million euros and the property is encumbered with liens.
According to the bankruptcy filing of the department store construction company Mariahilfer Straße 10-18 Immobilien GmbH, the Lamarr construction site on Vienna’s Mariahilfer Straße is only 30 to 40 percent completed. According to the applicants, financing for completion is no longer secured, primarily due to the Signa Prime renovation process, as several media outlets have reported in the past few days.
When bankruptcy was declared, the company was in debt to its banks for 260 million euros. There are also around 16.5 million euros in outstanding invoices. The company’s assets consist of the approximately 7,400 square meter property, which is encumbered with liens, as well as nine million euros in Bank Austria accounts. However, they are also pawned.
Two banks secured in the land register
The luxury department store project was actually scheduled to open in spring 2025. The financing was to be provided by the shareholders on the one hand and, on the other hand, by a loan of 390 million euros granted by a banking consortium led by UniCredit. According to the report, two banks have secured themselves with liens in the land register: RLB Oberösterreich with a maximum mortgage of 95 million euros in 2018 and at the beginning of 2022 Unicredit Bank Austria with one of 295 million euros.
Meanwhile, a subsequent audit meeting has been set for Signa Holding on March 4, 2024. This is necessary under Austrian insolvency law for claims that were only registered after the deadline for filing insolvency claims had expired and therefore could not be dealt with in the original examination meeting. (APA)
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2024-02-06 18:33:15
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