From Investing.com:

European property company Signa’s key division, Signa Development, filed for insolvency with debts of around 1.16 billion euros. This comes after the holding company of Signa filed for insolvency last month with around 5 billion euros in debt. The group has high-profile projects and department stores across Germany, Austria, and Switzerland. Signa Development has 39 ongoing projects in Vienna, Berlin, Wolfsburg, Germany, and elsewhere.

The insolvency filing by Signa is a significant twist in the unravelling of founder Rene Benko’s real estate empire. Other divisions have also followed suit, making Signa the biggest casualty so far in Europe’s real estate crisis. The group consists of around 1,000 companies and has high-profile projects and department stores across Germany, Austria, and Switzerland.

The holding company of Signa has around 5 billion euros in debt, and with the insolvency of Signa Development and other divisions, the total debt is likely to be higher. Signa Development has 39 projects in the works, with locations in Vienna, Berlin, Wolfsburg, Germany, and elsewhere.

The KSV creditor protection association reported that Signa Development has filed for insolvency in a Vienna court with debts of around 1.16 billion euros. This comes as the holding company of Signa filed for insolvency last month with around 5 billion euros in debt. The group has high-profile projects and department stores across Germany, Austria, and Switzerland. Other divisions have since followed suit, making Signa the biggest casualty so far in Europe’s real estate crisis.



Read more: Signa Development files for insolvency with $1.3 billion in debts -KSV By Reuters