Financial prosecutor Peschorn has appealed to the Vienna Higher Regional Court over the trust restructuring plans for Signa Prime, stating that he believes the minimum quota of 30 percent will not be met. Peschorn, who was among the dissenting voices during the vote on the plan, argues that fundamental questions about admissibility need to be clarified by the courts. He believes that all outstanding debts should have been paid or secured at the time of the vote, which was not the case for Signa Prime.
The voting results for the plans were clear, with a majority of creditors voting in favor of restructuring. However, some creditors support Peschorn’s appeal, while others believe it is an attempt to derail the approved plan. They argue that a structured sale over a longer period is preferable to bankruptcy and believe that Peschorn’s concerns are misguided.
Signa Development’s management views Peschorn’s appeal as an unnecessary distraction from their efforts to implement the approved plan. They are confident that it will be successful and upholding 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. The outcome of this court case will have far-reaching effects on both Signa Prime and its stakeholders.
