A €200 million ($218 million) loan to Signa’s flagship property unit has become a roadblock in attempts to sell off its assets and fund a restructuring, according to insolvency administrators.

The loan from the Schoeller Group, controlled by one of Germany’s industrialist families, is one of the last cash injections Signa Prime Selection managed to secure in July 2023, before its insolvency in December. To sweeten the deal, Signa pledged shares in a intermediary company that holds some of its most prized assets including Hamburg’s Elbtower, the KaDeWe luxury department store in Berlin and Vienna’s Lamarr development.