Austrian real estate and retail group Signa Holding filed for insolvency in late November, making it the largest victim of Europes property crash to date.
The company, which owns half of New Yorks Chrysler Building, almost all of Germanys biggest department stores and part of Selfridges in London, filed for administration with debts of around $5.4bn.
Signa had needed to find up to $652m to fulfil its short-term liquidity requirements. Although it approached sovereign wealth funds and private equity giants, the companys complex conglomerate structure apparently hampered talks. Sigma was also negatively impacted by the end of cheap interest rates and declining demand for office space globally.
In autumn 2023, the company alerted investors …
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