Austria's Signa to launch self-administrated insolvency proceedings

Vienna: The management of Signa Holding GmbH will apply to launch self-administrated insolvency proceedings with a Vienna court on Wednesday, the Austrian property group said in a statement.

The company will also apply for the adoption of a reorganisation plan, the statement said.

"The aim is the orderly continuation of business operations within the framework of self-administration and the sustainable restructuring of the company," it added.

The group, controlled by an Austrian magnate but whose business is anchored in Germany, has been hit by a European property crash triggered by the steepest rise in borrowing costs in the euro's 25-year history.