As of: March 14, 2024, 7:30 p.m
By: Nadja Hoffmann
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Insolvent since the end of January: the Oberpollinger in the pedestrian zone.
© Peter Kneffel
On Monday, Signa Prima's creditors will vote on the restructuring plan for the bankrupt division.
Now it is clear: there will be a complete sell-off.
This also has consequences for Munich.
Nothing works anymore at Signa Prime, which has accumulated a mountain of debt of around 4.5 billion euros.
After weeks of negotiations, it is now clear what will happen next for René Benko's former high-end division: the restructuring plan, which will be voted on in Vienna on Monday, envisages a total sell-off.
A trustee should be appointed for this purpose.
This has now paved the way for Signa's luxury properties in Munich.
“All usable assets should be handed over to a trustee for the realization or satisfaction of the creditors,” says a statement from the insolvency administrator Norbert Abel.
“Usable assets” is a long and impressive list of prime gems: These include the KaDeWe in Berlin, the Elbtower in Hamburg, the Hauptwache in Frankfurt and the Golden Quarter in Vienna.
The crashing insolvency of the Signa division also affects Munich with the luxury department store Oberpollinger, the Alte Akademie, the former Kaut Bullinger and the historic Hertie at the train station.
The following applies to all objects: They should be converted into money in order to be able to meet the immense demands of creditors.
According to the plan, 30 percent of this should be brought together in the next two years.
The sell-off has already begun.
A whole Prime package is on sale in Vienna, which also includes the house of the Constitutional Court.
In Munich, the negotiations on the Old Academy are said to be well advanced and the contract for the Kaut-Bullinger House, Signa called this project Romy, has already been signed.
According to various media reports, Alfons Doblinger's group of companies was awarded the contract.
The company has not yet responded to a Merkur request.
Serious allegations of “illegal” transactions
The creditors will decide on the now concrete restructuring plan on March 18th.
This day is important for the Signa Group: The Signa Development Selection (SDS) restructuring plan will also be voted on on Monday.
The properties owned by this division include, among others, the Flüggerhöfe in Hamburg and the Gries Village in Bolzano.
In this division of the empire, the total claims amount to 2.2 billion euros.
As the Financial Times reports, some of the creditors are said to be making serious allegations against Signa for “illegal” transactions amounting to 600 million euros.
Investigations will now follow.
The public prosecutor's office in Munich is also focusing on Signa's business dealings.
The authorities have now confirmed that they are investigating suspected money laundering.
Benko's lawyers reject the allegations as "baseless".