Signa Prime Subsidiary is Insolvent

In Signa Prime Capital Invest, the Signa Group consolidated an important part of its portfolio in Germany through holding companies as well as Austrian and Italian assets, as announced by the Credit Protection Association KSV1870 on Friday. According to AKV, this also includes a stake in the Postal Savings Bank.

Signa Prime Subsidiary with 310 Million Euros in Bankruptcy

In addition to the outstanding debts of 310 million euros, there are also subordinated liabilities amounting to 427 million euros, which will not be considered proportionally in the bankruptcy proceedings. According to the creditor protection agencies, the settlement of the debtor failed because further creditor positions arose against insolvent companies of the real estate group. This led to discussions and legal uncertainty, leaving bankruptcy as the only option. About 28 creditors are affected by the bankruptcy. Georg Freimüller has been appointed as the insolvency administrator.

(APA/Red)

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