The largest insolvency on the European real estate market

The largest insolvency on the European real estate market

Signa Holding declared insolvency.

Representatives of the largest Austrian real estate company – Signa Holding – informed about submitting an application to the commercial court to open restructuring proceedings. They were prompted to make such a decision by the lack of expected results of actions recently undertaken to maintain financial liquidity allowing for out-of-court restructuring. The aim of the proceedings just initiated is to repay creditors (including approximately 100 banks) in the amount of at least 30% within two years and to ensure conditions allowing the holding company to continue operating.

It is worth adding that Signa Holding has been present on the market for 20 years. He has, among others, the London department store Selfridges, the Galeria Karstadt Kaufhof department store chain, and the Berlin department store KaDeWe.


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