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Updated December 28th, 2023 at 15:45 IST

Two key Sigma divisions files for insolvency

Signa Prime Selection filed for self-administrated restructuring in a Vienna court on Thursday, and Signa Development Selection will file on Friday.

Thomson Reuters
Bankruptcy
Bankruptcy | Image:Unsplash
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Two key divisions of Signa, the troubled European property company, are filing for insolvency, the company said on Thursday. It was the latest twist in the saga around Signa, the biggest casualty so far of Europe's real-estate crisis.

The division Signa Prime Selection filed for self-administrated restructuring in a Vienna court on Thursday, and Signa Development Selection will file on Friday, Signa said.

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The holding company of Signa — a group of some 1,000 companies, with high-profile projects and department stores across Germany, Austria and Switzerland — filed for insolvency last month with around 5 billion euros ($5.56 billion) in debt.

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Published December 28th, 2023 at 15:45 IST

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