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Romania agrees to sell separately core assets of Liberty Galati steel mill

The Romanian government, the principal creditor of the financially distressed Liberty Galati steel mill (part of Liberty Steel Group), has reversed its stance and agreed to sell the company's core assets…

Baltika fashion group files for bankruptcy and will lay off all employees

Baltika, an Estonian clothing company with a history spanning nearly a century, has filed for bankruptcy after years of financial struggles. The decision follows a failed restructuring attempt and the…

​Oil and gas firm Petrofac files for administration, putting thousands of jobs at risk

Petrofac, a major UK-based oil and gas contractor with about 7,300 employees globally, has filed for administration, endangering more than 2,000 jobs in Scotland, particularly around its North Sea operations.…

Administrators to realise assets of major kitchen distributor

Waterline Limited, one of the UK's largest independent kitchen and bathroom distributors, founded in 1947, has entered administration and will be wound down after a search for a buyer failed. The company,…

News

Insolvency sale of Frankfurt office tower to test fragile German market
Germany’s commercial real estate sector continues to face significant challenges as financing dries up, development projects stall, and major firms face insolvency. The Trianon Tower in Frankfurt has emerged as a prominent example, following the financial collapse of its ownership. The court-appointed insolvency administrator, Pluta, attributed the insolvency to “liquidity difficulties” and confirmed that discussions with creditors are ongoing. 

Pluta has engaged Mellum Capital to oversee a structured sale process for the high-rise property. While Mellum declined to comment, the outcome of the sale is expected to serve as a key indicator of investor sentiment and pricing stability within Germany’s office property market.

More at ET Realty from The Economic Times
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