1.7 billion euros
“And the need for restructuring is reduced due to the special structure of the claims in the background of the settlement, especially by reducing the responsibility for the financial obligations of investments (guarantees, guarantees) as a result of the sale of real estate,” says Abel. Third statement. “With a 30 percent allocation, the projected scenario's restructuring requirement is 1.7 billion euros.” As KURIER reports, Signa Prime's assets will be transferred to future trustee Norbert Abel for exploitation. The recycling is initially planned until the end of 2025. However, this exploitation of trust lasts for a total of five years.
“As part of calculations for long-term exploitation and recovery of real estate market value, a 20 per cent surcharge has been levied on properties,” the report continues.
13.62 billion Euros
The basis for this calculation is the total asset value of the entire Cigna Prime assets valued at 13.62 billion euros. At the same time, liabilities are expected to be halved to 5.51 billion euros. After deducting realization and recurring operating costs, property companies have free assets of €4.19 billion. Cigna Prime is expected to raise 1.32 billion euros from investments in equity and intra-group receivables.
Deducting the secured financial liabilities from the total asset value, net real estate assets of EUR 4.35 million remain in the asset companies.
At Cigna Development, a lot of money can be made by properly selling properties under the supervision of a trustee. The projected net income is estimated at 1.33 billion euros, but 715 million euros must be deducted from this for service “priority obligations” (entitlements). The bottom line is that free assets should be 537 million euros. According to the report, Cigna Development may get a 40 percent stake.
The deal was broken
Meanwhile, the sale of Premium properties (Goldenes Quartier, Park Hyatt, Kaufhaus Tyrol) to the Schoeller family, a German businessman, was finally halted by Signa Prime's creditors' panel on Wednesday. Schoeller provided a €200 million loan to Cigna in June 2023 and acquired extensive rights. However, Schoeller may exercise these rights to block realizations. This agreement is indeed intended to settle rights. The deal was reportedly presented to a committee of creditors, but they could not agree to anything.
