May 21, 2024

Cigna Prime pays 100 million euros in cash

Bankrupt Cigna Prime gets a big cash injection from Great Britain. British asset manager Attestor lends up to 100 million euros. The money should come from next week.

Austria's bankrupt Cigna Prime, its restructuring manager Norbert Abel, and its creditors breathed a sigh of relief: the company is getting an expected financial injection, further winding down. As announced on Friday, British asset manager Attestor Ltd. The company is heavily indebted, up to 100 million euros, and the money is due next week.

“This allows us to significantly stabilize the company's cash flow with the objective of structured exploitation of assets. The trust restructuring plan is gaining a stable financial base,” the restructuring manager said in a statement on Friday. It is also said that the people concerned have agreed not to disclose the details of the massive loan.

Six billion euros in approved claims

Cigna Prime Selection commenced restructuring proceedings with self-management on December 28, 2023. To date, 475 creditors have filed claims totaling 12.8 billion euros, of which insolvency administrator Norbert Abel has approved six billion euros. As part of the reorganization plan, all usable assets are made available to creditors to meet their claims and after the reorganization plan is legally confirmed, are handed over to the reorganization administrator as a trustee.

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