The arithmetic is brutal: an 89 percent share-price collapse in a single month has left PANDION trading at €4.80, down another 4 percent on the day. But the real story sits outside the daily chart. The Cologne-based property group has filed for insolvency, and the fate of a development portfolio worth roughly €4.8 billion now hinges on a court ruling that hasn’t come yet.
A Financing Gap That Became a Legal Process
The sequence of events unfolded quickly. On August 3, PANDION disclosed that a critical financing component had fallen through, contrary to expectations. Two days later, the company skipped a €3.6 million interest payment on its 2021/2028 corporate bond. By August 10, the holding company and five…