Signa subsidiary holds out the prospect of further insolvency filings
Published: Saturday, Dec 9th 2023, 00:30
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Further insolvencies are on the horizon for Austrian investor René Benko's ailing real estate and retail group Signa. This is according to a statement from Signa Development Finance in Luxembourg.
"Application for the opening of insolvency proceedings for group companies of the Signa Development Group mostly likely", it announced on Friday evening.
Signa Development Selection AG is one of the most important companies in the group. According to its website, it invests in real estate development projects "in good locations, away from premium city center locations". Its total assets are listed on the website at 4.6 billion euros. Signa Holding and some smaller subsidiaries had already filed for insolvency.
Signa Development Finance is the issuer of a 300 million euro bond, it announced. Signa Development Selection AG is the guarantor of the bond. Due to the liquidity situation of Signa Development Selection AG and its group companies, it "currently appears highly probable" that the issuer, Signa Development and other companies of the Signa Development Group "will file for insolvency proceedings in the very near future."
Debt restructuring of the Globus co-owner
The Globus co-owner, the Swiss company Signa Retail Selection AG, was granted a provisional debt restructuring moratorium on Wednesday. This was announced by the Probate Court of the District Court of Zurich in the Swiss Official Gazette of Commerce.
The debt restructuring moratorium is intended to prevent the Swiss Signa Retail Selection from becoming dependent on the insolvency proceedings of its Austrian parent company, the company announced over a week ago. The company will be separated from the parent company and liquidated in an orderly manner.
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