Attestor Limited Supports Signa Prime Selection AG in €100 Million Mass Loan Amidst Insolvency Proceedings

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.

The news of this financial support was met with mixed reactions from investors and shareholders of Signa Group. Some were relieved that a solution had been found for their struggling subsidiary while others expressed concern about its impact on their overall portfolio performance.

Despite these concerns, experts predict that this move could be beneficial in the long run for both Signa Group and its investors. By allowing Signa Prime Selection AG to implement an orderly restructuring plan under professional guidance, it is hoped that they will be able to recover some or all of their losses and emerge stronger than before.

In conclusion, this mass loan from Attestor Limited marks an important turning point in Signa Prime Selection AG’s journey towards recovery and restoration. As they work through their restructuring process under Norbert Abel’s leadership, we can hope for brighter days ahead for this struggling luxury property company.