2023-12-18 21:07:47
Around three weeks following the opening of the restructuring process with self-administration of Signa Holding, the first creditors’ meeting will take place on Tuesday at the Commercial Court in Vienna. The company is offering its creditors a restructuring quota of 30 percent payable within two years – that would be around 1.5 billion euros of the total 5 billion euros that Signa Holding has in liabilities. According to credit protectors, it is unclear whether creditors are satisfied with this quota.
Signa Holding filed for insolvency on November 29th, following which some Signa subsidiaries in Austria and Germany – including SportScheck and Informationstechnologie GmbH – have already slipped into insolvency. The highly integrated Signa Group is the biggest victim of the turbulence on the real estate market so far. In addition to increased interest rates, real estate companies are also struggling with higher construction costs and the lack of large real estate transactions.
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