(Bloomberg) -- Signa Holding looks likely to keep control over its operations as the property and retail empire confronts creditors for the first time since filing for insolvency last month. 

Christof Stapf, the court-appointed supervisor, is due to allow the umbrella organization of Rene Benko’s group to continue to be run by its management for the time being, the AKV Europa creditor association said in a statement, citing court filings ahead of a meeting Tuesday in a Vienna courtroom.

The insolvency administrator will, however, stop short of saying whether ambitions to pay 30% of liabilities within two years — a prerequisite for a self-managed restructuring — are viable. 

Stapf’s support would only be a first step in the process. Signa also needs to get at least half of its creditors — totaling 273 entities including some of its own units — to sign off on its restructuring plan by February at the latest.

Read More: Signa’s Insolvency Yields Long List of Creditors and Questions

“Usually when you have proceedings like this restructuring plan with representation, everything from the beginning on is very clear, but in this case it isn’t,” Cornelia Wesenauer, the head of insolvency for the Vienna region at AKV, said in an interview. Questions remain on the overall restructuring plan and the source of money to pay back creditors, she said.

Uncertainty reflects the complexity and lack of transparency in the largest insolvency in Austria’s history. A multi-layered capital structure spread across a web of hundreds of units has left investors wary of injecting more money into the business, despite trophy assets like luxury malls and hotels and stakes in Selfridges in London and Berlin’s KaDeWe. 

Amid a broader property-market downturn, Signa has been bit harder than many other European landlords because it continued to expand in recent years and excessively relied on the appreciation of its properties to cover construction and financing costs.

Signa has been courting investors for weeks to raise as much as €600 million ($655 million) in funding to facilitate its turnaround, Bloomberg News has reported. 

Most recently, Signa Prime — the largest unit that holds most of the group’s luxury property assets — was pitching a deal that included €300 million in so-called debtor-in-possession financing by Tuesday and more cash available at a later stage, according to people familiar with the efforts.

Talks to raise new money have been hampered by the complexity of Signa’s debt structure, which includes a range of financial instruments and cross-unit guarantees, and the short time available to consider a deal, several people involved in the discussions have said.

“The application for self-managed restructuring may give the impression that they don’t want to deal with the real issues and would like to maintain intransparency,” Wolfgang Peschorn, legal counsel for the Austrian government, told the public broadcaster ORF. “A real insolvency would naturally allow for stronger intervention and more information.”

More than a dozen Signa units have individually filed for creditor protection in Germany, Switzerland and Austria. The fallout may grow further should the main property-owning units, Prime and Signa Development, also file for insolvency.

(Adds comment from Austrian government’s legal counsel in 11th paragraph.)

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