Signa Prime Selection AG, the company that houses the Signa Group’s luxury properties, has received a much-needed boost in liquidity with a mass loan of up to 100 million euros from British Asset Manager Attestor Limited. This loan allows Signa Prime to have the necessary funds to implement a restructuring plan under the guidance of Norbert Abel, the restructuring manager. The details of the loan remain undisclosed, but it has provided a sense of relief and relaxation within the company.
The restructuring process for Signa Prime Selection began on December 28th of the previous year with self-administration. The mass loan ensures that an orderly disposal of the properties can take place, preventing rushed sales at lower prices. Attestor Limited, a London-based asset manager founded by German investor Jan-Christoph Peters in 2012, manages around 7 billion euros 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 satisfy their claims, and Norbert Abel will take over as trustee once the plan is legally confirmed. With claims totaling 12.8 billion euros, the insolvency administrator has recognized approximately 6 billion euros so far. This assistance from Attestor Limited has provided a lifeline for Signa Prime Selection AG during this challenging time.