Signa Prime Selection AG, the entity that holds the luxury properties of the Signa Group, has received a much-needed boost in the form of a mass loan of up to 100 million euros from British Asset Manager Attestor Limited. This injection of liquidity allows Signa Prime to move forward with its restructuring plan under the guidance of restructuring manager Norbert Abel. The details of the loan agreement have not been disclosed as per an agreement made on Good Friday.
The restructuring process at Signa Prime Selection began on December 28th of the previous year, with the goal of facilitating an orderly disposal of properties to avoid hasty sales at reduced prices. With the support of the mass loan, the company is now able to navigate the restructuring process more effectively.
Attestor Limited, headquartered in London, was founded in 2012 by German investor Jan-Christoph Peters and currently manages around 7 billion euros. The company has a track record of successfully supporting restructuring efforts, such as in the case of Kommunalkredit in Austria. In addition to their involvement in financial restructuring, Attestor has also acquired companies like Condor and Europcar.
As part of the restructuring plan, creditors of Signa Prime Selection will receive assets to settle their claims, and Norbert Abel will assume control as trustee once the plan is legally confirmed. Claims currently amount to 12.8 billion euros, with approximately 6 billion euros recognized by the insolvency administrator.
Overall, the support from Attestor Limited and the implementation of the restructuring plan provide a glimmer of hope for Signa Prime Selection AG as it works towards financial stability and recovery.