Three more Signa companies file for insolvency as Moody's warns on banks

The Vienna-based holding company - with debts of around €5bn - filed for insolvency last week in a dramatic stumble in the conglomerate's two-decade history

The suspended Elbtower construction site in Hamburg, Germany. Photographer: Maria Feck/Bloomberg

Three more divisions of the European real estate and retail group Signa filed for insolvency on Wednesday, another turn for the worse for the embattled Austrian company that has become the biggest casualty so far of Europe's property crash.

The divisions - Signa Financial Services GmbH, Signa REM Germany Rent GmbH, and SCAx GmbH - filed for insolvency with a court in Berlin, according to filings.