Real estate consortium Highstreet Friday confirmed it reached a deal with Karstadt investor Nicholas Berggruen and said all required signatures are there.

Karstadt's insolvency administrator said earlier Friday that a court in Essen, Germany postponed making a ruling regarding the takeover plan for insolvent German retailer Karstadt until 1200 GMT. According to the administrator, signatures were missing on the agreement between Karstadt creditors and billionaire investor Berggruen.

Berggruen and the creditors only reached an agreement late Thursday after months of heated negotiations on Berggruen's takeover plan.

The iconic German retailer, which employs more than 25,000 staff around Germany, risked liquidation if Berggruen and Karstadt's creditors had failed to reach an agreement before a midnight deadline set by its insolvency administrator.

The negotiations have centered on reductions to Karstadt property rents and plans to reorganize Karstadt into separate units including sport and premium stores.

-By Frankfurt Bureau, Dow Jones Newswires; +49 69 29 725 500, djnews.frankfurt@dowjones.com