Signa Development Starts Insolvency Plan of Steady Asset Sales
- Restructuring envisages some short-term asset disposals
- Insolvent firm will also cease new business, adminstrator says
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The insolvent Signa Group’s development unit plans to gradually sell assets to repay creditors and cease all new business.
A restructuring proposal put forward by the administrator of Signa Development Selection AG envisages short term sales for properties including a department store and parking plot in Frankfurt, and potential exits for others such as a luxury hotel in Vienna, according to a Jan. 15 report seen by Bloomberg News.