Signa in Last-Ditch Funding Talks as Insolvency Wave Looms
- Attempts to secure up to €600m of funds continue over weekend
- Complex structure, insolvency risk are deterrent, sources say
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Signa is holding last-ditch talks with investors, hoping to secure a funding lifeline and avoid a wave of insolvencies in the €23 billion ($25 billion) property empire.
One unit of the sprawling conglomerate founded by Austrian tycoon Rene Benko already filed for insolvency on Friday, and further notifications may follow in coming weeks, according to two people with direct knowledge of Signa’s efforts.