Real estate - 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 trading group consists of a complex network of companies with several hundred individual companies.
Announcement on SIGNA Financial Services GmbH (Ref.: 36s IN 7375/23) Announcement on SIGNA REM Germany Rent GmbH (Ref.: 36s IN 7376/23)
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- The insolvency filings of Signa Financial Services GmbH and Signa REM Germany Rent GmbH are additional setbacks for René Benko's struggling real estate and retail group Signa, based in Austria.
- The local court in Berlin-Charlottenburg will oversee the insolvency proceedings for both German subsidiaries, which are part of the vast Signa trading group operating out of Frankfurt on the Main and Munich.
- The insolvency applications come at a challenging time for the company, as the main operating entity, Signa Holding, is currently undergoing restructuring proceedings under self-administration.
- Torsten Martini, a Berlin lawyer, has been appointed as the provisional insolvency administrator for both Signa Financial Services GmbH and Signa REM Germany Rent GmbH, tasked with managing their affairs during the insolvency process.
- The German retail trade sector may be impacted by these developments, considering that Signa owns numerous retail outlets across Germany, including popular brands like Galeria Kaufhof and Kik.
- As the insolvency proceedings unfold, responsible parties in the German government, particularly in Frankfurt and Munich, may be closely monitoring the situation, given the significant role of real estate and retail in the German economy.
Source: www.stern.de
