The next sub-company of Benko’s Signa-Construction is bankrupt: Signa Retail GmbH has over a billion euros in debt. Surprisingly, the company is still undergoing restructuring proceedings.
On the basis of its own request, a non-self-managed restructuring procedure was initiated over the company’s assets. Credit information agency Creditreform and the credit protection associations AKV and KSV1870 announced this on Tuesday.
“Ask how they want to do it.”
Debts of 1.13 billion euros to 26 creditors are offset by assets of only 1.51 million euros. Nevertheless, the company is targeting a restructuring process and offering a 20 percent quota within two years. “I also ask myself how they want to do it,” says AKV credit protector Cornelia Wesenauer.
Involved in Galeria and KaDeWe
Signa Holding, which has been bankrupt since November 2023, directly and indirectly owns more than 95 percent of Signa Retail. Due to the bankruptcy of the parent company, liability commitments made at Signa Retail level came into effect, which could no longer be fulfilled due to a lack of financing from the shareholders, the AKV announced. Signa Retail currently has indirect investments in several business groups in the retail sector. These include Galeria Kaufhof Karstadt, the KaDeWe Group, GLOBUS and the Selfridges Group.
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.
