After Signa Bankruptcy: More Than 3,000 Creditors Demand Over 40 Billion Euros

Across Europe, creditors of Signa have so far registered claims amounting to over 40 billion euros. In Austria alone, the claim amount is 37 billion euros, as creditor protector Gerhard Weinhofer informed the APA. Of this, 11.8 billion euros have initially been recognized by the court. More than 3,000 creditors are trying to recover their money. ORF was the first to report on this.

Processing of the Signa Bankruptcy Will Take at Least 10 More Years

The collapse of the Signa empire of company founder René Benko culminated, according to Creditreform, in 138 bankruptcies in Austria, 177 bankruptcies in Germany, 70 in Luxembourg, 7 in Switzerland, and a few more in Italy and Liechtenstein. The liquidation of the remaining assets and properties of the Signa companies is going well and there are many interested parties, says Creditreform Managing Director Weinhofer. As reported, attempts are also being made to reach an out-of-court settlement with former board members, advisory boards, and supervisory boards regarding personal liability. The creditors of Signa will likely only recover a fraction of their money. It is still unclear what the final quota will be. The processing of the bankruptcies will take "at least another 10 years," according to Weinhofer.

(APA/Red)

This article has been automatically translated, read the original article here.