Signa Prime Selection AG, the company that houses the luxury properties of the Signa Group, has received a much-needed financial boost with a 100 million euro mass loan from British asset manager Attestor Limited. This loan will enable Signa Prime to implement a restructuring plan under the guidance of Norbert Abel, who has been appointed as the restructuring manager. While the details of the loan remain undisclosed, it has provided a sense of relief and relaxation within the company.

The restructuring process for Signa Prime Selection began on December 28th of last 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 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, 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 insolvency administrator’s recognition of these assets provides hope for signa prime selection ag to emerge from this difficult situation with less financial burden on its shoulders. The support from attestor limited shows that even in times of financial crisis, there are still opportunities to turn things around with strategic planning and collaboration with experienced professionals in the field of finance and law.