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UPDATE 1-Signa holds last-ditch funding talks as insolvencies looms- Bloomberg News

Reuters
·1-min read

(Adds details from report in paragraph 3, adds background in 5-7)

Nov 25 (Reuters) - Signa, Austria's largest privately-owned real estate company, is holding last-ditch talks with investors, hoping to secure a funding lifeline and avoid a wave of insolvencies, Bloomberg News reported on Saturday.

One unit of the sprawling conglomerate founded by Austrian tycoon Rene Benko already filed for insolvency on Friday, and further notifications may follow in coming weeks, the report added, citing two people with direct knowledge of Signa's efforts.

Recent negotiations to meet up to 600 million euros in immediate funding needs have hit a roadblock, while some discussions are ongoing and other options are being considered - the probability of an agreement is low, the report added. Signa's complex capital structure is making plans difficult to implement, Bloomberg News reported.

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Signa did not immediately respond to a Reuters' request for comment.

On Nov. 24, a unit of Signa in Germany filed an official application for bankruptcy at the Berlin Charlottenburg district court, German magazine Spiegel reported.

The Signa group has holdings of 27 billion euros ($28.8 billion) and 25 billion euros in development.

Germany, Europe's largest economy, is in the middle of a property crisis after a sharp rise in interest rates and building costs forced some developers into insolvency and put deals and construction on hold. ($1 = 0.9168 euros) (Reporting by Gursimran Kaur in Bengaluru; Editing by Christina Fincher and Daniel Wallis)