Cigna: Republic Appeal Against Restructuring Plan

Cigna Development's trust restructuring plan appeared to have dried up after it was approved by creditors in mid-March and upheld by the Vienna Commercial Court. But now the Republic of Austria is appealing, so the Finanzprokurator is taking legal action against the commercial court's confirmation.

“Die Presse” (online edition) announced this yesterday evening. This could delay the foreclosure process for months and risk bankruptcy, the newspaper said. Wolfgang Bechorn, head of the financial lawyer, confirmed the appeal to “the press” but did not want to comment further on it.

Bechorn for Bankruptcy

Peschorn did not agree to the restructuring plan at a creditors' meeting in March, at which he represented the interests of the Republic of Austria. matter.

According to “press”, the Higher Regional Court (OLG) is now responsible for Cigna development. The Republic is expected to intervene in the Cigna Prime exam, but the deadline is still running.

The Cigna series bankruptcy was the largest bankruptcy in Austrian economic history. On November 29, 2023, Cigna Holdings became the first central company in investor Rene Benko's real estate empire to file for bankruptcy, followed by Prime and Development.

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