Herculean Task for Signa Creditors – Few Claims Recognized
In the insolvency proceedings concerning Herkules Holding GmbH – formerly Laura Holding GmbH – claims amounting to around 710 million euros were filed on Wednesday at the Innsbruck Regional Court. Of these, only 35,158.93 euros were recognized. This is according to a statement from the creditor protection association Creditreform.
The claim of the state investment fund Mubadala from Abu Dhabi is particularly affected, as it was disputed along with all internal group claims. Within the Signa structure, Herkules Holding was primarily active as a so-called "GrESt blocker" – a construction for optimizing real estate transfer tax. Additionally, the company held stakes in several Signa companies. The economic viability of these shares is currently being reviewed by insolvency administrator Stefan Geiler.
Another subsidiary Herkules Finance Holding with similar result
The examination meeting at Herkules Finance Holding GmbH, a wholly-owned subsidiary of Herkules Holding, had a similar outcome: Of the claims filed there amounting to 257 million euros – almost exclusively of an internal group nature – only around 12,000 euros were recognized. This was reported by Creditreform expert Tristan Prem to the APA.
Arbitration proceedings against Signa constructs in Switzerland
At the time of the opening of insolvency at the end of March, Herkules Holding GmbH showed liabilities amounting to around 404 million euros. It was already indicated then that this sum could increase during the proceedings. The development largely depends on the outcome of ongoing arbitration proceedings in Switzerland, which Mubadala has initiated against various Signa companies.
Signa collapse led to disaster for Herkules
Herkules Holding GmbH, based in downtown Innsbruck, was a classic holding company. Its purpose was the acquisition, holding, management, and sale of investments. The economic collapse of the Signa Group ultimately deprived the company of its economic foundation, explained Creditreform.
(APA/Red)
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