(Bloomberg) -- The restructuring of Rene Benko’s Signa Prime Selection AG is entering a crucial period with potential bidders assessing the defunct property group’s choicest assets and creditors preparing to get a first glimpse of a turnaround plan.

Signa Prime’s portfolio of Austrian assets could be sold within weeks, board member Erhard Grossnigg told Bloomberg on the sidelines of a creditor meeting in Vienna Monday. The executive said he assumes that most of the 37 individuals or groups that have shown interest are “bargain hunters.”  

READ: Signa’s Austrian Crown Jewels Hit Block in Test of Asset Values

Grossnig’s comments show the insolvency process is building momentum before expiration of the 90-day deadline for creditor approval. Signa’s luxury property unit, which holds stakes in London’s Selfridges department store and Berlin’s KaDeWe, needs more than half of its creditors to sign off on a plan that pays back at least 30% of liabilities within two years.

“They have promised to take the discussions into an intensive phase,” said Cornelia Wesenauer, the head of insolvency in Vienna for the AKV Europa creditor association. “What exactly the offer of the debtor is, we will be able to see in the next few days or by the beginning of the week.”

The Austrian portfolio consists of Signa Prime’s most valuable property in Vienna, including the Park Hyatt Hotel, the Golden Quarter shopping district and the building that houses the country’s constitutional court.

Wesenauer said properties in the portfolio, grouped under a single unit, can be sold off one by one, if that increases the financial return.

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