Austria Property Giant Signa To File For Insolvency
Umer Jamshaid Published November 29, 2023 | 04:10 PM
Vienna, (UrduPoint / Pakistan Point News - 29th Nov, 2023) Austrian real estate giant Signa -- whose vast portfolio includes New York's iconic Chrysler building -- on Wednesday announced it would initiate insolvency proceedings, filing for court protection as it undergoes restructuring.
"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.
Earlier this month, Signa said it would present plans for the company's restructuring by the end of the month.
In its press release on Wednesday, Signa said its retail investments "did not bring the expected success" with the sector under "severe economic pressure" in Europe, while also citing a "negative impact on business development in the real estate sector in recent months".
The restructuring proceedings fall under insolvency proceedings in Austria.
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