Property giant Signa set to make further insolvency filings – sources – Reuters

FRANKFURT, Nov 27 (Reuters) – Austrian property group Signa could see more of its units file for insolvency as soon as this week as the real estate empire is running out of cash, people with direct knowledge of the matter said on Monday.

The group, controlled by an Austrian magnate but whose business is anchored in Germany, held talks with Elliott Investment Management to try to raise funds, according to one of the people, describing the company’s scramble for cash.

Signa did not immediately respond to a request for comment. Elliott declined to comment.

Signa, which is an owner of New York’s Chrysler Building as well as scores of high-profile projects and department stores across Germany, Austria and Switzerland, is controlled by Austrian…

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