(Bloomberg) -- Alternative investment managers including Arini, Eicos and Squarepoint have tens of millions of euros at risk with their investments in a unit of the insolvent real estate conglomerate Signa. 

Arini, a hedge fund founded by former Credit Suisse trader Hamza Lemssouguer, holds about half of the €300 million ($326 million) of bonds issued by Signa Development, making it one of the biggest creditors of the company, according to a company filing circulated on Monday and seen by Bloomberg News. The notes are now quoted at around 14 cents on the euro, according to data compiled by Bloomberg.

Eicos Investment Group, a fund set up by former GoldenTree partner Pierre de Chillaz, held around €30 million of the debt, while Squarepoint Capital, with which Arini has a strategic partnership, holds €16 million of the notes, according to the filing. Goldman Sachs Group Inc., investment firm Pala Assets Holdings and German insurer Signal Iduna-Gruppe are also listed among those that filed claims for Signa Development’s bonds.

Representatives for Arini, Eicos, Pala, Squarepoint, Signal Iduna and Goldman declined to comment. 

Details of the funds’ holdings have now emerged as creditors filed claims totaling €2.2 billion against the unit as part of the insolvency proceedings of the group founded by Austrian tycoon Rene Benko. Administrators are currently disentangling the complicated web of debts that link each unit of the sprawling real estate group, with liabilities continuing to balloon beyond initial estimates given the emergence of contingent debts such as guarantees. 

In a potential setback for the hedge funds, the insolvency administrator has questioned their claims, opting instead to acknowledge a bulk filing for the whole bond submitted by trustee Deloitte LLP.

Signa Development is currently in the process of coming up with a restructuring plan that will offer creditors at least 30% of their claim. Creditors will vote on the proposal on March 18. Bloomberg News had previously reported Arini was one of the largest holders of the notes. 

Signa Development is the only entity in the group with a publicly-traded bond, which has allowed more opportunistic funds to invest. The notes fell into deep distressed territory after the company reported in November that it had transferred hundreds of millions of funds to other parts of the group. Despite facing a cash crunch of its own, the company was owed over €600 million from other divisions, it said in an insolvency filing December.

A group of bondholders filed a complaint to the public prosecutor’s office in Vienna earlier this month claiming these outflows of cash had damaged Signa Development and its creditors, according to a second document seen by Bloomberg News. 

Signa has rejected allegations that the outflows were misused, and said they were spent on real estate projects.

A claim for €254 million filed against Signa Development by entities related to Abu Dhabi-based fund Mubadala Investment was also rejected by the insolvency administrators, as they found it hadn’t been backed up, according to the filing. Mubadala has separately started arbitration proceedings over €700 million of claims against several Signa units, including the Development division, Bloomberg reported in December.

(Updates to say in fourth paragraph that Goldman Sachs and Signal Iduna also declined to comment.)

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