Vienna Higher Regional Court will hear an appeal filed by financial prosecutor Peschorn against the restructuring plans of Signa Development. The vote for the restructuring plan was in favor of it, with a majority of creditors voting for it. Peschorn, as the President of the Financial Procuratorate, disagreed with the decision and has now filed an appeal.
Peschorn raises fundamental questions about the admissibility of the restructuring process and challenges its feasibility. He is particularly concerned about 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 trust restructuring is the best economic solution for them. They argue that a structured sale over a longer period 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 views Peschorn’s appeal as an attempt to derail their approved restructuring plan. They are confident that Vienna Higher Regional Court will uphold the decision made by Vienna Commercial Court. Despite differing opinions among creditors and stakeholders, trust restructuring continues to be a contentious issue with significant financial implications.
In conclusion, financial prosecutor Peschorn has appealed to Vienna Higher Regional Court against Signa Development’s restructuring plans due to concerns about meeting quota requirements and his doubts regarding feasibility of achieving these goals. The court will have significant implications on creditors’ decisions regarding their investments and loans in Signa Development.
