Three other bankruptcies relate to the Signa Group

SIGNA ICON Holding GmbH, P69 Management GmbH and P69 Immobilien GmbH & Co KG filed applications to open bankruptcy proceedings at the Commercial Court of Vienna today. This was confirmed by Iris Charitzer from Credit repair mail.

“IGNA ICON Holding GmbH was founded in 2015 and is engaged in asset management, development and management of real estate projects as well as investments, especially in the Vienna Central Station area. The insolvency occurred in one of the two selling companies (ICON Management GmbH and ICON Beteiligung GmbH) as part of the share transaction, resulting in a guarantee liability of three million euros. “Liabilities are reported at €6.56 million, and free assets are only €354,000.

Real estate development

“P69 Management GmbH was founded in 2017 and the company's purpose includes the development and management of real estate projects (Siebenhirten real estate), real estate trading, services and consulting in the real estate sector, financing of SIGNA group companies, acquisition and management of investments as well as the management of its own assets. P69 Immobilien GmbH was founded & Co KG was established in 2019 and deals with real estate development.

It continues: “The two debtors are part of the SIGNA Development Selection AG group, whose assets are subject to restructuring proceedings under HG 4 S 186/23i. The grounds for insolvency lie in the failure to fully cover liabilities as part of a sale of the property owned by P69 Immobilien GmbH & Co KG. ” Addition: “As a general partner of P69 Immobilien GmbH & Co KG, the debtor has unlimited liability for its obligations, which is why there is an identical creditor structure for the limited partnership.”

Debts are estimated at 11.7 million euros, and free assets are only 59 thousand euros.