Real estate and trade - Further German Signa subsidiaries file for insolvency
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, Signa REM Germany Rent GmbH and SCAx GmbH (both Munich) have filed for insolvency at the Berlin-Charlottenburg district court, according to court announcements. Berlin-based lawyer Torsten Martini was appointed as provisional insolvency administrator in all three 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.
Read also:
- Why there is still no EU funding for green Saar steel
- 3 billion Saar Fund is unconstitutional
- Politicians at a loss after shock news
- Court of Auditors criticizes the state government's debt plan
- Despite the challenges faced by René Benko's 'real estate' and retail trading group Signa, its subsidiary Signa Retail Austria AG, based in Vienna, Austria, continues to operate successfully in the retail trade sector in Germany.
- Reports indicate that another subsidiary of Signa, Signa Immobilien GmbH, which specializes in 'real estate' trading, has also seen significant growth in the Berlin market.
- The insolvency filings of the German subsidiaries have not affected Signa's overall operations in Germany or its subsidiary Signa Real Estate Management GmbH, which manages a large number of properties in the country.
- The German-Austrian business community remains hopeful that René Benko and his team can overcome these challenges and continue to make significant contributions to the 'retail trade' and 'real estate' sectors in both Germany and Austria.
- The 'Berlin-Charlottenburg' district court's decision to appoint Torsten Martini as provisional insolvency administrator for Signa Financial Services GmbH, Signa REM Germany Rent GmbH, and SCAx GmbH has been closely followed by the 'trading group' industry, with many observers waiting to see the impact on Signa's operations in Germany and beyond.
Source: www.stern.de
