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Signa, Austria’s real-estate giant, announced on Wednesday that it plans to file for insolvency, after its German subsidiary already took the step.
The holding company will apply for the opening of reorganization proceedings with self-administration to the Vienna Commercial Court on Thursday, it said.
“Despite considerable efforts in recent weeks, the necessary liquidity for an out-of-court restructuring could not be sufficiently secured, so Signa Holding GmbH is applying for restructuring proceedings with self-administration,” the company said in a statement.
More to follow…
rmt/fb (AFP, dpa)
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