Austrian Supreme Court Rejects Signa Development Insolvency Plan

Austria’s Supreme Court upholds decision to reject restructuring plan approved by Signa Development Selection’s creditors, Vienna Commercial Court says in statement Monday.

• Supreme Court rejected appeal of Vienna Higher Regional Court ruling submitted by Signa Development and a German insolvency administrator for several creditors
• Insolvency to continue as bankruptcy process
• NOTE: Decision in the insolvency of smaller real estate unit in Signa conglomerate is similar to verdict for luxury subsidiary Signa Prime
• NOTE: Signa Pushed Into Liquidation as Court Rejects Restructuring

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Marton Eder in Vienna at meder4@bloomberg.net

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