Signa Holding faces claims of $9 billion

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© Reuters. The sign of Signa Holding is placed on a crane next to a construction site in Vienna, Austria, January 5, 2024. REUTERS/Leonhard Foeger/File Photo

VIENNA (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)

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