Further insolvency application at Signa
Published: Friday, Dec 29th 2023, 10:10
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Le groupe Signa de l'investisseur autrichien René Benko, en difficulté, a déposé une demande d'ouverture de procédure d'insolvabilité. Selon le tribunal de commerce de Vienne, Signa Development Selection AG a déposé une demande d'insolvabilité vendredi.
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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