Globus parent company Signa European Invest Holding gets more time again
Published: Wednesday, Jul 31st 2024, 08:00
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The co-owner of the Globus department store group has once again 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 an extension of the debt-restructuring moratorium.
The extension of the debt-restructuring moratorium will now expire on February 12, 2025, according to a publication in the Swiss Official Gazette of Commerce (SOGC) on Wednesday. The same applies to the two 100% subsidiaries of Signa European Invest Holding, Signa European Invest AG and Signa Retail Luxury Holding GmbH. The latter holds the 50 percent stake in Globus.
The other 50 percent of Globus is owned 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, will also take over the other half of Globus.
Previously, the definitive debt-restructuring moratorium granted to the three companies mentioned would have expired in just under two weeks, on August 12. The superordinate Signa Retail Selection AG was granted a definitive debt-restructuring moratorium until December 5 in mid-June.
A debt restructuring moratorium is usually only granted provisionally while a trustee analyzes the company's economic situation. If he determines that there is a prospect of restructuring, the company can apply for a definitive debt-restructuring moratorium. This can then be extended to a maximum of 24 months.
©Keystone/SDA
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