The largest Austrian real estate company is initiating bankruptcy proceedings against itself

By RockedBuzz 2 Min Read

We have already written in regards to the difficulties of Signa Holding GmbH, also referred to as the proprietor of the American Chrysler Building and the British Selfridges division retailer: the largest privately owned Austrian real estate company is constructing one among Germany’s tallest skyscrapers, the Elbtower, however development stopped firstly of November on account of unpaid payments.

By the tip of November, it was additionally revealed that the Austrian banks have an publicity of round 2.2 billion euros within the company, two-thirds of which is concentrated at Raiffeisen and UniCredit, so this was presumably the rationale why Raiffeisen Bank fashioned a provision of round 150 million euros within the real estate sector .

According to the newest data, Signa has introduced that it intends to provoke insolvency proceedings against itself. The company’s administration indicated in an announcement that it’ll submit the request to a Viennese court docket on Wednesday. Signa Holding additionally plans to reorganize the company, in accordance with their assertion, the goal of the measure is the orderly continuation of enterprise actions and the sustainable restructuring of the company.

Source: Reuters

Cover picture supply: Getty Images

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