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Signa Group: Two more insolvency proceedings filed

Photo: Michael Gstettenbauer / IMAGO

The bankruptcy of the Signa Group of the Tyrolean investor René Benko is drawing ever wider circles. Now a 100 percent subsidiary of the former flagship and also the already insolvent Signa Prime, Signa Real Estate Management, has filed for insolvency proceedings at the Commercial Court of Vienna, the creditor protection associations Alpine Creditors' Association (AKV) and KSV1870 announced. There are no plans to continue the company.

On the other hand, other companies in the group, such as the parent company and the two operating subsidiaries Prime and Development, are undergoing restructuring proceedings under debtor-in-possession administration.

Signa Real Estate develops and manages commercial real estate in top inner-city locations. Projects include the Tyrol department store in Innsbruck and the Golden Quarter in Vienna. According to the credit protection associations, liabilities were estimated at around 60 million euros, while assets amounted to around 5.8 million euros.

Wages and salaries have been paid up to and including November. 47 employees and 82 creditors are affected by the insolvency. The German subsidiary, Signa Real Estate Germany, had already filed for insolvency at the end of November.

In addition, Signa REM beteiligung GmbH, which is also part of Prime's scope of consolidation and acted as a service company within the Signa Real Estate Group, is also filing for insolvency proceedings. Accordingly, liabilities amount to around 4.7 million euros, while assets amount to around 1.8 million euros.