VIENNA (Reuters) – Troubled European holding company Signa faces debts totalling 8. 613 billion euros ($9. 32 billion), its court-appointed chief executive said on Monday, a figure that is 70% higher than debts first reported last year when it filed for bankruptcy.
The insolvency director, Christof Stapf, said that so far he had submitted only a fraction of the claims – only €80. 3 million – and that many claims had arrived without the supporting documents 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.
Negotiations are underway on the sale of Signa’s stakes in the Chrysler building and its media outlets, Stapf said.
($1 = 0.9248 euros)
($1 = 0.9240 euros)
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