Globus parent company receives definitive debt restructuring moratorium
Published: Friday, Apr 12th 2024, 07:20
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The Globus department store group has been given more time to settle its affairs. Signa European Invest Holding AG, through which René Benko's Signa conglomerate holds its 50 percent stake in Globus, has been granted a definitive debt-restructuring moratorium.
The definitive debt-restructuring moratorium expires on August 12, according to a publication in the Swiss Official Gazette of Commerce (SOGC) on Friday. The same applies to Signa European Invest AG and Signa Retail Luxury Holding GmbH.
The provisional debt-restructuring moratorium previously granted to the three companies mentioned would have expired on April 12 (today). Before Easter, the provisional debt-restructuring moratorium was extended until June 5 for the parent company Signa Retail Selection AG.
With a provisional debt restructuring moratorium, a trustee is usually appointed. The administrator analyzes the economic situation of the company. Before the four months have elapsed, he submits an application for a definitive debt-restructuring moratorium if there is a prospect of restructuring. The definitive debt-restructuring moratorium can be extended to a maximum of 24 months.
The other 50 percent of Globus is held by the Thai Central Group. It is assumed in the industry that the group owned by billionaire Tos Chirathivat, which owns numerous other luxury department stores in Europe, is likely to take over Globus completely.
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