Signa Holding, owned by Tyrolean real estate investor Rene Benko, will file for bankruptcy at the Vienna Commercial Court on Wednesday. The company announced this this morning.
A restructuring procedure with self-administration is requested. The aim is an ‘orderly continuation of operational management’ and a restructuring of the company. The group got into trouble due to high interest rates and construction costs.
“Despite significant efforts in recent weeks, the necessary liquidity for an out-of-court restructuring could not be sufficiently secured,” the press release said. Together with the court-appointed trustee, the debts must be reorganized and the value of the investments preserved. (awp/sda/apa)
Update to follow…
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
