Two further Signa subsidiaries in Germany file for insolvency
Published: Wednesday, Dec 6th 2023, 16:10
Updated At: Thursday, Dec 7th 2023, 00:59
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Further German subsidiaries of Austrian investor René Benko's ailing real estate and retail group Signa have filed for insolvency.
Signa Financial Services GmbH, based in Frankfurt, Signa REM Germany Rent GmbH and SCAx GmbH (both Munich) filed corresponding applications with the Berlin-Charlottenburg Local Court on Wednesday, according to court announcements.
Berlin-based lawyer Torsten Martini was appointed as the provisional insolvency administrator in all three cases.
The parent company Signa Holding had applied for debtor-in-possession restructuring proceedings in Vienna. The real estate and trading group consists of a complex network of companies with several hundred individual companies.
The Swiss Signa Retail Selection AG, the parent company of the Globus department stores in Austria, had already applied to the competent court for a debt restructuring moratorium at the end of November. The aim of this step was to prevent the Signa subsidiary from becoming dependent on the insolvency proceedings of the Austrian parent company, it was said at the time.
Benko's extensive network of companies also includes the German department store chain Galeria Karstadt Kaufhof. Insiders expect further Signa companies to file for insolvency.
©Keystone/SDA
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