Lack of liquidity

Next bankruptcy in the Signa house of cards is certain

(Bild: APA/Eva Manhart)

Benko's house of cards is collapsing more and more. As was announced on Wednesday, bankruptcy proceedings have now also been opened for SIGNA Mitarbeiterbeteiligungs GmbH. A continuation is not planned.

This was announced in a press release by Creditreform, the state-authorized creditor protection association. The company is a pure investment company which gave employees of the SIGNA Group the opportunity to acquire shares in SIGNA Prime Solution AG, which were then held in trust by the applicant.

It therefore ensured that SIGNA employees received shares in the company, managed these shares and decided what to do with them.

The reason for the bankruptcy proceedings is hardly surprising: the shares are simply no longer worth anything following the gigantic bankruptcy of the SIGNA Group. 

Shares last worth 11.2 million
The company has 23,000 euros in assets, but 154,000 euros in liabilities. It manages 292,363 shares in a company (SPS AG), which together were last worth 11.2 million euros. Some of these shares are used as collateral for unpaid invoices of SIGNA Prime Holding. Otherwise, the company does not own any shares in other companies.

A continuation of the company is not possible "due to a lack of liquidity", as this would probably lead to even greater debts for the creditors. Attorney Clemens Richter was appointed as the insolvency administrator.