Financial prosecutor Peschorn is concerned that the quota in the trust restructuring plans will not be met and has appealed to the Vienna Higher Regional Court. The voting results for the plans were clear, with a majority of creditors voting in favor of the restructuring. Peschorn, as the President of the Financial Procuratorate, was among the dissenting voices and has now appealed the decision.
Peschorn believes that fundamental questions about the admissibility of the restructuring process need to be clarified by the courts. He questions the feasibility of the restructuring plan, particularly in terms of achieving a minimum quota of 30 percent. He argues that all outstanding debts should have been paid or secured at the time of the vote on the plan, which was not the case for Signa Prime.
Some creditors support Peschorn’s appeal, while others believe that the trust restructuring is the best economic solution for creditors. They argue that a structured sale over a longer period of time is preferable to bankruptcy. However, there are concerns that the court is no longer involved in the trust restructuring process, leaving creditors vulnerable to potential losses.
Signa Development’s management views the appeal as an attempt to derail the approved restructuring plan. They are confident that the Vienna Higher Regional Court will uphold the decision made by the Vienna Commercial Court. Despite differing opinions among creditors and stakeholders, the trust restructuring process continues to be a contentious issue with significant financial implications.