The Vienna Commercial Court has approved the trust restructuring plans at Prime and Signa Development, with a majority of creditors voting in favor. However, Financial Prosecutor Peschorn has filed an appeal with the Vienna Higher Regional Court, raising concerns about the admissibility of the restructuring process.
Peschorn believes that the offered quotas may not be achievable and that all outstanding debts should have been paid or secured at the time of the vote on the restructuring plan. He argues that this was not the case in some instances, which raises fundamental questions about the trust restructuring process.
Some credit agencies supported the trust restructuring plan, while others voted against it, citing concerns about the recovery timeline and lack of involvement from the court in the process. Signa Development’s management sees Peschorn’s appeal as an attempt to sabotage their approved restructuring plans. However, others view it as a legitimate challenge to ensure that all parties involved in the process are held accountable.
Despite differing opinions among creditors and experts about the trust restructuring process and its implications, many agree that it is a crucial step towards resolving debt issues in these companies.
