Signa Creditors Back Restructuring Plans Dangling 30% Payout
- Trustee to sell most assets; creditors to get 30% of claims
- Signa founder Rene Benko under scrutiny before Austrian ballot
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Creditors of the two main property units in Rene Benko’s Signa conglomerate backed plans to sell off assets as part of a restructuring that’s expected to recoup about 30% of their money.
Lenders, which include banks, insurers and sovereign wealth funds, backed the proposals for Signa Prime Selection, the flagship luxury unit, and its smaller sister Signa Development Selection at meetings in Vienna on Monday.