Giant bankruptcy: Signa Holding before the end - creditor in need!

Giant bankruptcy: Signa Holding before the end - creditor in need!

Innsbruck, Österreich - The holding company Signa Kidinvest Development AG has submitted an application to open a bankruptcy proceedings at the Innsbruck Regional Court. This step is a direct episode of the ominous business maker in connection with the insolvent Signa Group, which operates under the investor René Benko. According to the credit protection association, there are liabilities of 14.3 million euros, and the company is now being closed and liquidated. Fortunately, no employees are affected by the bankruptcy, but the situation throws a shadow on the financial stability of the entire group. The focus is now on the twelve creditors who are on a list, in which most liabilities are described as intercompany obligations, such as oe24.at reported .

a network of creditors

Among the Signa Holding creditors can be found well -known companies such as Bank Julius Bär and Migros. These large Swiss actors make demands in a complex network of liabilities. A total of 273 creditors have registered claims of around 5.2 billion euros, although it is not clear how high the individual amounts are. The implications are enormous, because while the holding company, which among other things has half of the globe goods houses, tries to carry out a renovation procedure, it becomes clear that the resulting owe the existing assets far exceed, as Tagesanzeiger.ch reports .

The situation forces the creditors to work, but the diversity of their interests could make an agreement. A first renovation plan provides for 30 percent of the debts to repay in two years. Experts, on the other hand, doubt that this is realistic, since the subsidiaries Signa Prime and Signa Development could probably register claims that exceed the existing assets. This could lead to the desired renovation process being converted into a regular bankruptcy proceedings, which would hit the creditors even harder. A first believer meeting is imminent, and the decisions from there could be crucial for the future of Rene Benkos Empire.