Signa Retail GmbH, another company from the real estate and trading empire of Tyrolean investor René Benko, is insolvent. The two creditor protection associations KSV1870 and the Alpine Creditors Association (AKV) announced this on Tuesday. The company, which acted as an intermediate holding company and holds significant indirect holdings in, among others, the German retail chain Galeria Karstadt Kaufhof, the KaDeWe Group and the Swiss luxury chain Globus, has accumulated debts amounting to around 1.13 billion euros. This would be offset by assets of 1.5 million euros. According to the credit protectors, the company is aiming for a restructuring process, with creditors being offered a quota of 20 percent within two years. The holding company Signa Holding, which has abandoned its restructuring plan and instead filed for bankruptcy, directly and indirectly holds a good 95 percent of Signa Retail. The bankruptcy of the parent company resulted in liability commitments that could no longer be serviced due to a lack of financing from the shareholders, the AKV said. “The insolvency administrator will now have to check whether a continuation is in the interests of the creditors and whether the restructuring plan presented can be adhered to,” said Brigitte Dostal from KSV1870.
Next bankruptcy from the Signa empire – economy
