Bankrupt and over a billion in debt

The company, which acted as an intermediate holding company and holds significant indirect holdings in, among others, the German retail chain Galeria Kaufhof, the KaDeWe Group and the Swiss luxury chain Globus, has accumulated debts amounting to around 1.13 billion euros. This would be offset by assets of 1.5 million euros. According to the credit protectors, the company is aiming for a restructuring process, with creditors being offered a quota of 20 percent within two years.