Galeria Kaufhof is once again seeking rescue in protective shield proceedings. The Association of Insolvency Administrators sees this critically. Chairman Niering explains that only ten percent of the 680 million euros in financial aid could be saved.
The department store Galeria Kaufhof is again asking for rescue in a protective shield procedure. It would already be the second protective shield procedure, which the Association of Insolvency Administrators (VID) sees critically. In an interview with “Bayern 2”, VID chairman Christoph Niering explains that a large part of the 680 million financial aid is probably gone.
“You have to ask yourself the question of sustainability with the second insolvency. One could get the idea that the renovation was not fundamental enough the first time,” said Christoph Niering, Chairman of the VID industry association, in an interview with Bayerischer Rundfunk.
With a new rescue of Galeria, you have to “go a step further,” said Niering. “So that there doesn’t have to be a third bankruptcy procedure. But it wouldn’t be the first case that only went through a successful reorganization the second time around.”
According to media reports, the money from the first protective shield procedure is not secured against insolvency, says the chairman of the professional association of insolvency administrators and trustees in Germany. “And there is to be feared that it is mostly gone.” Only about ten percent of the previous financial aid of around 680 million euros should still be able to be saved in the event of a Galeria bankruptcy. “So the majority will be gone,” said Niering, who is not involved in Galeria’s bankruptcy proceedings.
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