Signa’s renovation is hanging by a thread

As was the case the day before, the Signa homepage only contained press contacts and imprint. According to secured APA information from Sunday morning, negotiations with hedge funds are continuing. If these fail, “there is no way around the bankruptcy of the empire,” said an insider. “One last attempt” is underway.

According to insiders, media reports that a German real estate subsidiary filed for bankruptcy in Berlin-Charlottenburg on Friday are also true, according to insiders. “Spiegel” and “News” quoted from the application. According to “Wirtschaftswoche”, employees were also informed about this via letter. According to APA information, the court still has to give its formal approval; this is considered certain unless money is raised quickly. Communication about this should then take place on Monday.

According to a report in the German “Lebensmittelzeitung”, the restructuring of the Tyrolean investor Rene Benko’s group by Arndt Geiwitz, a renovator who was hired under pressure from investors, is also shaky. According to APA information, the success of Signa’s restructuring according to a Geiwitz concept is linked to the fresh liquidity needed as quickly as possible – financing of around 500 million euros. “Theoretically” there are still chances, according to the insider.

The hope lies in a mezzanine investor who, simply explained, exchanges very expensive capital for little direct say. Such an investor would give a loan of 500 or possibly even 600 million euros, some of which could be secured, but some of which are also unsecured, wrote the “FAZ”. This would result in extremely high interest rates. Together with additional fees, loan costs can exceed 20 percent per year.

“Maintenance work over the weekend”

As far as the company’s now contentless homepage is concerned, a spokesman told the meeting on Saturday that “maintenance work over the weekend” was being carried out, according to “Kurier”. Official information from the company has been in short supply for a long time. Apart from the information on homepage “maintenance”, there were no statements from Signa on the latest developments over the weekend until Sunday morning – neither for the APA, nor for newspapers, news agencies or TV channels, as media monitoring shows.

The fact that the situation is at least difficult is confirmed by construction freezes on prestige projects in German cities such as Munich and Hamburg. This is about the Elbtower skyscraper.

The original company mastermind Benko is also the subject of the new parliamentary investigative committees announced in Austria. Kika/Leiner is likely to be an issue here among many points – the furniture chains went bankrupt very shortly after being sold by Signa and are now only being run in a slimmed-down manner and being renovated. In Germany, the last major department store chain, Galeria Kaufhof, which is part of the shaky Signa empire, is preparing for Signa to go into difficulties.

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