Next Signa Bankruptcy: €417 Million Debt

The first application concerns SDS M2 2026 GmbH – an indirect subsidiary of the insolvent Signa Holding via Signa Development Selection Beteiligung GmbH. It is a pure investment company that forms part of the Signa corporate structure as a kind of “intermediary company” for Signa Holding and SDS AG.

According to the company's own application, four creditors are affected by claims totaling EUR 207 million, most of which relate to supplementary obligations, Creditreform reported. The bankruptcy of SDS M2 2026 GmbH is due to the insolvency proceedings of Signa Holding and Signa Development Selection. There was therefore no interim financing or dividend distribution from the holding company as a shareholder or Signa Development Selection.

No interim financing or dividend distribution

SDS M2 2026 GmbH is also liable as a shareholder for the liabilities of SDS M2 2026 GmbH & Co KG. According to the Credit Protection Society 1870 (KSV1870), this has also filed an application for the opening of insolvency proceedings here as well, the liabilities amount to around 200 million euros.

According to the status of the assets set out in the insolvency application, there are claims against the subsidiaries amounting to around EUR 3.5 million. KSV1870 said that whether these claims are actually valuable will become clear during this process.

Respondent in foreign arbitration proceedings

According to KSV1870, SDS M2 2026 GmbH & Co KG is also a co-respondent in foreign arbitration proceedings. This includes claims amounting to approximately EUR 700 million (excluding interest and costs).