class = “sc-cffd1e67-0 fmXrkB”>
“An application to initiate bankruptcy proceedings for Signa Development Group companies is highly likely,” he said in a statement on Friday evening.
Signa Development Selection AG is one of the most important companies of the group. According to its website, it has invested in real estate development projects “in good locations, away from the exclusive locations of the city centre.” The total balance sheet is stated as 4.6 billion euros on the website. Signa Holding and some smaller subsidiaries had already filed for bankruptcy.
He said Signa Development Finance is the issuer of bonds worth 300 million euros. Signa Development Selection AG is the guarantor of the bond. Due to the liquidity situation of Signa Development Selection AG and its group companies, it currently appears “highly likely” that the issuer Signa Development and other companies in the Signa Development group will apply to initiate bankruptcy proceedings in the very near future.”
Swiss Signa Retail Selection AG, co-owner of Globus, had the temporary moratorium approved on Wednesday. The probate court of the Zurich District Court announced this in the Swiss Business Journal.
The company announced a week ago that the aim of the moratorium was to prevent Swiss Signa Retail Select from becoming dependent on the insolvency proceedings of the Austrian parent company. The company will be separated from the parent company and liquidated in accordance with the procedure. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
