A report from Bloomberg News on Saturday revealed that Austria’s largest privately held real estate company, Signa, is in last-ditch talks with investors, hoping to secure a line of funding which would help it avoid a wave of insolvencies.

Already one unit of the massive conglomerate has filed for bankruptcy on Friday. The real estate firm, formed by Austrian tycoon Rene Benko, may have further filings emerge in the coming weeks, if no funding can be found, according to two people with direct knowledge of the matter.

It was reported that recent talks in search of a 600 million euro lifeline which would have helped the company to meet immediate funding needs hit roadblocks. Although discussions continue, and other options are under consideration, it is believed the likelihood of success is small. Bloomberg reported that one sticking point is the complex capital structure of the company, which is making it difficult to formulate plans to implement.

Signa has refused media requests for comment on the matter.

According to a report in the German magazine Spiegel, one unit of Signa filed an official application for bankruptcy on November 24th, in Berlin Charlottenburg district court.

The Signa group possesses holdings of 27 billion euros, with 25 billion euros under development.

Presently Germany is undergoing a property crisis which has been produced by a sudden rise in interest rates, as well as a surge in building costs. It has already forced some developers into insolvency, and resulted in many pending deals and construction projects being put on hold.