Signa Holding files for insolvency at the Vienna Commercial Court

2023-11-29 10:07:55

The company announced this in a press release this morning. A restructuring procedure with self-administration is being applied for. The aim is an “orderly continuation of operational business operations” and a restructuring of the company. The group was in trouble due to high interest rates and construction costs.

“Despite considerable efforts in recent weeks, the necessary liquidity for an out-of-court restructuring could not be sufficiently secured,” said the press release. Together with the insolvency administrator appointed by the court, the liabilities should be reorganized and the value of the investments preserved.

Chronology: Imbalance at Signa

December 2022: Signa sells the “Rossmarkthöfe” project on the former Leiner site in St. Pölten, Vienna. May 2023: Signa sells “Apple House” in downtown Vienna

June 2023: Signa sells Kika/Leiner, furniture retailer is then sent into bankruptcy

June 2023: Signa is selling the Mynd office tower, which is currently under construction, and the Galeria Weltstadthaus on Berlin’s Alexanderplatz

June 2023: Signa sells the wooden high-rise project “Donaumarina Tower” in Vienna

July 2023: According to “Handelsblatt”, Signa Holding is receiving a 400 million euro cash injection from René Benko and existing investors such as Strabag major shareholder Haselsteiner, Fressnapf founder Toeller and the Brazilian entrepreneurial family Koranyi-Arduini

August 2023: ECB is urging banks to write off some of their loans to Signa

August 2023: Signa announces that it has sold assets with a total volume of around 2 billion euros in the past few months

23. August 2023: Creditreform withdraws rating for Signa Prime Selection

16. October 2023: Signa withdraws commitment for equity injection of 150 million euros at Signa Sports

23. October 2023: Benko brings German restructuring expert Geiwitz on board

27. October 2023: Signa Sports United files for bankruptcy

27. October 2023: Construction stop at Hamburg’s Elbtower

2. November 2023: Signa Holding shareholders are demanding Benko’s immediate withdrawal, saying this is the only way “crisis management to save the group” is possible

7. November 2023: Fitch rated Signa bonds as “high risk”.

8. November 2023: Signa explains that Benko is handing over chairmanship of the Signa advisory board to Geiwitz

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10. November 2023: Geiwitz brings in restructuring specialists for Signa Prime and Signa Development

23. November 2023: Signa stops work on the Alte Akademie in Munich

24. November 2023: Signa Real Estate Management Germany files for bankruptcy in Berlin

26. November 2023: Hamburg billionaire and Signa investor Kühne is examining the takeover of the Elbtower

27. November 2023: According to media reports, Signa is negotiating with US hedge fund Elliot for an urgently needed capital injection

29. November 2023: Filing for insolvency by the parent holding company Signa Holding at the Vienna Commercial Court

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