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The management of the bankrupt Signa Holding will be changed. As Signa Holding’s insolvency administrator announced on Thursday, the company has applied to transfer self-management through insolvency proceedings.
It was rumored that manager Christof Stapf would take over. This will make it easier to coordinate the three bankruptcies of the holding company and its key real estate units Signa Prime and Signa Development.
Consequences for creditors
This step also has a tangible impact on creditors: in the worst case, 80 percent of their receivables may remain unpaid in case of bankruptcy without self-management; If there was self-government, this figure would be 70 percent.
The holding company’s liabilities amount to almost 5.3 billion euros. How much of this will be demanded from creditors will become clear at the meeting to be held on Monday.
Several Swiss banks were involved
Signa Group, founded by Austrian René Benko (46), entered a crisis after a period of strong growth due to rising interest rates, construction costs and energy prices. The group includes, among others, the Elbtower project in Hamburg and the Galeria Karstadt Kaufhof department store group. The group owns a 50 percent stake in the Globus department store group in Switzerland.
Private bank Julius Baer is among the creditors of Signa companies in Switzerland, but some cantonal banks also gave significant loans to the group companies. In addition, Globus’ former owner, Migros and Migros Bank, also have a large amount of debt from Signa companies. Signa owes over a billion francs to Swiss companies. (SDA/smt)
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.
