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Signa's bankruptcy could drag the next company down the drain

Signa's bankruptcy could drag the next company down the drain

The future of the famous Swiss department store chain Globus is at risk after the bankruptcy of René Benko's Signa empire.

Signa owns half, while the other belongs to Thai Central Group. However, the latter offers cautious hope of rescue: “Regardless of the position of our joint venture partner, Central Group intends to support all of its European luxury businesses, including Globus.”

The next vortex

Despite these optimistic words, bankruptcy experts remain skeptical, as the Thais have yet to take any concrete measures. Raoul Egeli, a Swiss bankruptcy expert, confirms in the newspaper NZZ am Sonntag that what matters is the seriousness of the central group regarding Globus. There is a risk that you will suddenly find that the risk is too great and drop out.

Another potential problem is highlighted by Gerhard Weinhofer, CEO of the Austrian organization Creditreform and member of the creditors committee in the Signa process. In particular, an uncoordinated sale of assets in insolvency proceedings could cause Globus to lose in this downward spiral and fail with Cigna.

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