The Swiss Times - Swiss News in English

Over 100 Signa Insolvencies in German and Austria

  • By The Swiss Times
  • 3 April 2024

The Signa Group is grappling with a wave of insolvencies, affecting over 100 companies in Austria and a significant number in Germany.

Over 100 Signa Insolvencies in German and Austria
Keystone/DANIEL BOCKWOLDT

Dozens of Signa companies have already filed for insolvency. In addition to twelve insolvencies in Austria, there are more than 100 in Germany, according to research by the APA news agency.

Most recently, the Benko family private foundation and René Benko as an entrepreneur filed for insolvency in Austria.

According to the creditor protection association Creditreform, there are ten other companies from the Signa environment, including Development Selection, Prime Selection and Signa Holding.

Signa Hospitality GmbH, Informationstechnologie GmbH, Real Estate Management GmbH, REM Transactions GmbH and SFS Austria GmbH as well as the Lamarr shell construction company Mariahilfer Strasse 10-18 Gmbh are also insolvent.

Burgenland Jagdpachtgesellschaft mbH, which is also part of the company network, is also insolvent.

In Germany, the situation is more difficult to keep track of. This is not only due to the number of insolvent companies, but also to the country-specific legal situation regarding “provisional insolvencies”.

According to Creditreform, a total of 103 insolvency proceedings have been filed in Germany – of which only seven proceedings were actually opened recently.

How many bankruptcies actually end up in insolvency proceedings or are averted after all also depends on Signa Prime’s 100 million euro loan against assets. This could not only prevent new insolvencies in Germany. Experts say that existing proceedings could also be reversed and thus access to the properties and their realisation could be gained.

Around 80 Companies Provisionally Insolvent

Proceedings have been filed and opened in Germany regarding Signa Real Estate Management Germany GmbH, REM Germany Rent GmbH, SCAx GmbH, RE Transactions GmbH & Co. KG, RE Transactions Management GmbH, Financial Services Germany Gmbh, Galeria Properties GmbH and Mönckenbergstrasse 16 Immobilien GmbH & Co. KG.

Insolvency proceedings have been opened in Germany for a good 80 companies, not least in connection with the recent insolvency of the Galeria Karstadt Kaufhof department store chain there and the insolvency of the aforementioned Galeria Properties.

Expert opinions on the realisation of real estate are currently being obtained for around 30 German companies.

Over two dozen Signa companies are based in Switzerland. These include Signa Retail Selection AG, which holds half of the Globus department store chain.

Some of them are bankrupt, others are being liquidated and some are undergoing a provisional debt restructuring moratorium to examine the possibility of restructuring the companies or continuing their business activities.

©Keystone/SDA

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