Further insolvency application at Signa
Published: Friday, Dec 29th 2023, 10:10
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Austrian investor René Benko's ailing Signa Group has filed for insolvency. According to the Vienna Commercial Court, Signa Development Selection AG filed for insolvency on Friday.
The company, which specializes in project developments, is therefore seeking restructuring proceedings under self-administration, as Signa already announced on Thursday.
On Thursday, the Group's real estate flagship, Signa Prima Selection AG, also filed for insolvency. The commercial court has since opened the debtor-in-possession proceedings.
After strong growth during the low-interest phase, Benko's empire had fallen into extreme difficulties due to higher interest rates, higher construction costs and higher energy prices. The Swiss subsidiary Signa Retail Selection is already in debt restructuring moratorium. Among other things, it holds the Signa Group's 50 percent stake in the Swiss department store group Globus. The remaining 50 percent of Globus is held by the Thai Central Group.
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