VIENNA (Reuters) – The management of Signa Holding GmbH will apply to launch self-administrated insolvency proceedings with a Vienna court on Wednesday, the Austrian property group said in a statement.
The company will also apply for the adoption of a reorganisation plan, the statement said.
“The aim is the orderly continuation of business operations within the framework of self-administration and the sustainable restructuring of the company,” it added.
The group, controlled by an Austrian magnate but whose business is anchored in Germany, has been hit by a European property crash triggered by the steepest rise in borrowing costs in the euro’s 25-year history.
(Reporting by Matthias Inverardi, Writing by Rachel More; Editing by Madeline Chambers)
