US EditionSigna Crisis Intensifies: Concerns About “Bankruptcy Within Bankruptcy” Due to Billion-Dollar Ruling in Paris
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8 Articles
The many signa and foundation companies are waiting for the arbitration court ICC to be served. Its decisions determine the future of the signa insolvencies.
Signa Crisis Intensifies: Concerns About “Bankruptcy Within Bankruptcy” Due to Billion-Dollar Ruling in Paris
The already complex insolvency situation of the Signa Group is now threatened by a new financial blow. An imminent ruling by the International Chamber of Commerce (ICC) arbitration court could ruin the local proceedings—even before the first installment is paid to creditors.
VIENNA. The decision of the International Arbitration Court (ICC) is expected to take place around the signa billion slippages, in which the Mubadala State Fund from the United Arab Emirates has brought an amount of around EUR 900 million in dispute against Signa companies and entities of Ren Benko.
The Mubadala State Fund brought an action at the International Arbitration Court (ICC) in the Signa-Pleite. The verdict could upset the domestic Signa proceedings.
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The verdict from the International Civil Court (ICC) is eagerly awaited in the Signa multi-billion-euro bankruptcies. The UAE sovereign wealth fund Mubadala has filed a claim of approximately €900 million against Signa companies and founder René Benko. Regardless of the ruling, the costs of the proceedings alone could push Signa's insolvency proceedings in Germany to the point of "bankruptcy within bankruptcy"—a worst-case scenario for creditors…
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