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Reorganization Proceedings of Signa Prime Selection Fail in Court for the Time Being
In a significant decision, the Vienna Higher Regional Court (OLG) upheld the appeal of the Finanzprokuratur against the trustee restructuring plan of Signa Prime Selection AG. The reorganization plan previously confirmed by the Commercial Court of Vienna was thus annulled.
The disused construction site of the Elbtower in Hamburg, once the prestige project of Rene Benko and the current Chancellor of Germany and former Mayor of Habmurg, Olaf Scholz. / Picture: © Wikimedia Commons/ Uwe Rohwedder/ CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)
An ordinary appeal on points of law to the Supreme Court (OGH) was permitted, which means that the proceedings will continue to be conducted as restructuring proceedings with self-administration, and the continuation of Signa Prime Selection AG as a going concern remains secured for now.
The decision of the Vienna Higher Regional Court was based on the assessment that it is…
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