Further bankruptcies are looming in the Signa business network of the Tyrolean real estate juggler René Benko. Applications are expected to be submitted soon for several companies, including Signa Development.
Signa Development Finance said on Friday evening that as the issuer of a EUR 300 million bond it announced that it was likely that the issuer, Signa Development and other Signa Development group companies would apply for opening “in the very near future”. future” of insolvency proceedings.
Submitting such applications is, according to the capital market information, grounds for termination under the terms of the bond.
The complicated Signa Group has been the biggest victim of the turbulence in the real estate market so far. In addition to higher interest rates, real estate companies are also confronted with higher construction costs and the lack of large real estate transactions. Signa Holding filed for bankruptcy in Vienna at the end of November.
Source: Krone
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