- About a month after the announcement by parent company Signa-Holding, two of the group's large subsidiaries have now filed for bankruptcy.
- Signa Prime Selection has filed an application for restructuring proceedings with the Commercial Court of Vienna. This was reported by the real estate and trade group Signa.
- “Signa Development Selection” will follow tomorrow.
- It is not clear what impact the bankruptcy will have on Swiss retailer Globus.
As Cigna reported, the Board of Directors has requested approval of the restructuring plan. The goal is “the orderly continuation of operational operations within the framework of self-management and sustainable restructuring of the company.”
Signa Development Selection AG is in the same position and will file a request for restructuring measures with the Autonomous Administration on Friday.
According to the Creditreform protection association, the claims of about 300 creditors of Signa Prime amount to about 4.5 billion euros (4.2 billion Swiss francs). This will be compensated by usable assets of approximately 1.3 billion euros. Together, Signa Prime and Signa Development have 105 large properties or developments in their portfolio.
Select Signa retail at the stop
In the Signa Prime Selection, Austrian businessman Rene Benko has accumulated Signa shares in famous properties such as the “Golden Quartier” in Vienna, the Lamarr department store on Mariahilfer Strasse in Vienna, and KaDeWe in Berlin. At the end of November, self-administered restructuring procedures were initiated through parent company Cigna Holdings.
Swiss Signa's Retail Selection subsidiary is already in debt moratorium. Among other things, this holds the Signa Group's 50 percent stake in the Swiss department store group Globus. The remaining 50 percent of Globus is owned by Thai Central Group.
More trouble for Globes
As NZZ wrote, Swiss department store Globus was also affected by the bankruptcy of Sigma Prime. Accordingly, Sigma Prime owns shares in the leased properties of the Globus department store chain.
The Signa Group itself cites “external factors” as the cause of bankruptcies, which had a negative impact on business development. “In cooperation with the restructuring manager to be appointed, the aim is to implement further measures to continue operations,” says Cigna.
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