Kocher: The consequences of Signa’s bankruptcy cannot yet be predicted

Minister of Economy Martin Kocher (ÖVP) is of the opinion that it is not currently possible to predict the effects of Signa Holding’s bankruptcy.

“It is too early to make an assessment here,” he said on the sidelines of a press conference. We do not yet know what the financial situation of the various companies within the Signa Group is, Kocher said, referring to the newly opened bankruptcy proceedings.

According to Kocher, the consequences of Signa’s bankruptcy cannot yet be predicted

In fact, none of our employees have pre-registered for the AMS early warning system. 42 employees were affected by the bankruptcy.

As a first reaction after the Council of Ministers held in Vienna on Wednesday, the senior government in Austria evaluated the Signa case as a purely economic issue and used the following statements: “I do not see a political problem, this is a bankruptcy law case” said Chancellor Karl Nehammer (ÖVP) Bankruptcies were a part of economic life. Vice-Chancellor Werner Kogler (Greens) emphasized that it would be important for the financial situation to remain stable. So from what he has read and heard, things are looking good.

In Germany, the government is monitoring the consequences of Signa’s bankruptcy

In Germany, the government is strictly monitoring the consequences of the Signa bankruptcy. According to Reuters news agency, a spokesman for Berlin’s Ministry of Economy said on Friday that the case was being followed very closely. Only a few days later, exact results cannot yet be predicted. “We are examining the impact,” the Ministry of Finance spokesman added. But there is no official program for this.

Signa Holding, owned by Tyrolean investor Rene Benko, filed for bankruptcy on Wednesday. Signa owns prestigious properties in Austria, Germany, Switzerland, Great Britain and the USA, as well as department store giant Galeria, and owns shares in the Globus trading group. The German federal government helped Galeria with tax money during the corona pandemic.

(APA/Red)

Source: Vienna

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