JOURNAL ARTICLE

Signa Development Starts Insolvency Plan of Steady Asset Sales.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Morpurgo, Giulia; Cherry, Libby 3 of 3

Abstract

Signa Development, a unit of the insolvent Signa Group, plans to sell assets to repay creditors and halt new business. The restructuring proposal suggests selling properties such as a department store in Frankfurt and a luxury hotel in Vienna. The company's liquidity gap is around €25 million ($27 million), and it aims to raise €50 million in profit participation rights to stabilize projects. Signa Development is also facing litigation and a claim of over €700 million from bondholders. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/01, pN.PAG
  • Document Type:Article
  • Subject Area:Business and Management
  • Publication Date:2024
  • Accession Number:174844281
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