Another Signa Group company is bankrupt: the Zurich District Court has declared bankruptcy of Signa Retail Department Store Holding GmbH. The moratorium, which was granted for four months on December 8, has therefore failed.
The bankruptcy was opened last Thursday and the Swiss State Gazette of Commerce published the news on Monday.
According to the business information platform CRIF Teledata, the company is 100 percent owner of the German sporting goods retailer SportScheck, which filed for bankruptcy at the Munich court at the end of November. In addition, according to CRIF Teledata, Signa Retail Department Store Holding GmbH owns 11.63 percent of German online fashion retailer Dressforless, which is in preliminary insolvency proceedings.
Signa Holding will soon be restructured without self-governance
An audit meeting for bankrupt Signa Holding is scheduled for Monday at the Vienna Commercial Court. As credit protection association KSV1870 reported, it can be assumed that the authority will follow the application and the restructuring process will continue without self-governance. That would mean that Signa’s management would have to relinquish further power.
The ailing holding company of real estate juggler Rene Benko gains time: the deadline for submitting the restructuring plan no longer applies. This should have been presented to creditors on February 12 for them to vote on.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
