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Signa Holding files for insolvency

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The Signa Holding logo can be seen on an office building in Munich..aussiedlerbote.de
The Signa Holding logo can be seen on an office building in Munich..aussiedlerbote.de

Signa Holding files for insolvency

Signa Holding GmbH, owned by Austrian real estate and retail entrepreneur René Benko, has announced insolvency proceedings. The holding company will apply to the Vienna Commercial Court on Wednesday for the opening of restructuring proceedings under self-administration, the Signa Group announced.

Despite the financial distress leading to insolvency proceedings, Signa Holding's diversified portfolio includes interests in real estate, retail trade, and construction industries. Recently, the construction sector in Austria has shown signs of recovery, which could potentially aid in the restructuring process.

Source: www.dpa.com

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