The assets will be handed over to the trustee – all proceeds from the sale will go to the insolvency creditors in the coming years
Vienna/Innsbruck, March 18, 2024 (OTS) – At today’s meeting at the Vienna Commercial Court, the majority of the creditors’ meeting of SIGNA Development Selection AG approved the trust restructuring plan. This means that the full realization of the assets is handed over to a trustee.
“Over the last three months I have been able to get to know SIGNA as an international, highly professional real estate company with very competent employees. There is nothing comparable in Austria. Today the situation is clear, SIGNA Development Selection AG has transferred its assets to a trustee and will try to achieve the best possible satisfaction for the creditors. The company’s bodies, management and supervisory board will also be reappointed. Special thanks go to the entire team, without whom we could not have achieved this,” said Erhard F. Grossniggspokesman for the board of SIGNA Development Selection AG.
On April 10, 2024, an extraordinary. Annual general meeting will take place, which will decide on the composition of the supervisory board.
The restructuring plan still has to be confirmed by the Vienna Commercial Court. The deadline for this is June 30, 2024.
With the decision of the Vienna Commercial Court dated December 29, 2023, restructuring proceedings with self-administration were opened over the assets of SIGNA Development Selection AG under GZ 4 S 186/23i and Dr. Andrea Fruhstorfer as restructuring manager and Dr. Arno Maschke was appointed as her deputy. According to the announcement dated December 29, 2023, the company aims to adopt a restructuring plan and continue operations in a reorganized form.
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