Economic news

Signa Holding Faces Claims of $9 bln - Insolvency Manager

VIENNA, Jan 29 (Reuters) - The troubled European Signa holding company is facing claims totalling 8.613 billion euros ($9.32 billion), its court-appointed manager said on Monday, a figure that is 70% more than debts originally flagged last year when it filed for insolvency.

The insolvency manager, Christof Stapf, said that it had recognized only a fraction of the claims so far - just 80.3 million euros - and that many of the claims arrived without necessary supporting materials or late.

Signa is the biggest casualty so far of Europe's property crisis. It announced debts of around 5 billion euros when it announced its insolvency last year.

Talks are still ongoing over the sale of Signa's stakes in the Chrysler Building and its media holdings, Stapf said.

($1 = 0.9248 euros)

($1 = 0.9240 euros)

Reporting by Alexandra Schwarz-Goerlich; writing by Tom Sims; editing by Matthias Williams

Source: Reuters


To leave a comment you must or Join us


More news


Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree