Further German Signa subsidiaries file for insolvency
Two further German subsidiaries of Austrian investor René Benko's ailing real estate and retail group Signa have filed for insolvency.
Signa Financial Services GmbH, based in Frankfurt/Main, and Signa REM Germany Rent GmbH, based in Munich, submitted corresponding applications to the Berlin-Charlottenburg district court on Wednesday, according to court announcements. Berlin lawyer Torsten Martini was appointed as provisional insolvency administrator in both cases.
The parent company Signa Holding had previously applied for restructuring proceedings under self-administration. The real estate and retail group consists of a complex network of companies with several hundred individual companies.
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Before the remediation process for Signa Holding, two more German Signa subsidiaries, Signa Financial Services GmbH and Signa REM Germany Rent GmbH, were forced to seek insolvency protection. More subsidiaries might need to undergo this process due to the financial struggles of the Signa group.
Source: www.ntv.de
