Signa creditors support restructuring plan - bankruptcy of the company's flagship averted. Now a trustee should take over the helm and sell all assets.
The Signa bankruptcy is the largest bankruptcy in Austrian economic history. Creditors have registered claims of around 10.8 billion euros against Signa Prime, although only just under 3.1 billion euros have been recognized so far. The heavily indebted real estate giant Signa was suffering from rapidly rising interest rates and the resulting fall in valuations, which led to an increased need for liquidity.