Signa Holding faces claims of $9 billion – insolvency manager

The troubled European Signa holding company is facing claims totalling 8.613 billion euros ($9.32 billion), its court-appointed manager said on Monday, a figure that is 70% more than debts originally flagged last year when it filed for insolvency. The insolvency manager, Christof Stapf, said that it had recognized only a fraction of the claims so far – just 80.3 million euros – and that many of the claims arrived without necessary supporting materials or late. Signa is the biggest casualty so far of Europe's property crisis.