Signa, Austria’s real-estate giant, announced on Wednesday that it plans to file for insolvency, following its German subsidiary, which also took the step recently.
The holding company will apply for the opening of reorganization proceedings with self-administration at the Vienna Commercial Court on Thursday, it said.
“Despite considerable efforts in recent weeks, the necessary liquidity for an out-of-court restructuring could not be sufficiently secured, so Signa Holding GmbH is applying for restructuring proceedings with self-administration,” the company said in a statement.
Why is the real-estate giant suffering?
Once a strong property and retail group, the firm has been in crisis for months.
Its troubles began with the start…
