Signa Development Says Insolvency Filing Likely in Near Term
- Filing would be an event of default, unit says in statement
- Would be latest insolvency among units of Signa enterprise
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Signa Development Selection AG, one of the major units of the retail and real estate empire founded by Rene Benko, is facing insolvency as a result of a cash crunch within the division.
“It seems predominantly likely that the Issuer, SIGNA Development and further companies of the SIGNA Development group will apply for the opening of insolvency proceedings in the very near term,” the debt issuing entity of the company said in a filing Friday.