Important building block in Benko's Signa empire before insolvency
According to a media report, another important company in Tyrolean real estate investor Rene Benko's troubled Signa Group is about to file for insolvency. The management of Signa Prime is preparing to file for insolvency under self-administration, "Der Spiegel" reported, citing insiders.
Benko has bundled Signa's shares in well-known properties such as Berlin's KaDeWe and Vienna's "Goldenes Quartier" in the company. The "Spiegel" also reported that a restructuring plan is currently being worked on at full speed, with which a court must be convinced of this form of insolvency. It is hoped that this will allow assets to be saved. Signa could not be reached for comment.
The convoluted Signa Group is so far the biggest victim of the sudden crash on the real estate market. Benko's holding company Signa Holding had already applied for debtor-in-possession restructuring proceedings in Vienna, and the court had appointed the lawyer Christof Stapf as insolvency administrator.
Several Signa companies in Germany had also filed for insolvency at the Charlottenburg district court in Berlin. However, Benko's extensive network of companies also includes the German department store chain Galeria Karstadt Kaufhof. An insider said that it is to be expected that further Signa companies will file for insolvency.
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Source: www.ntv.de
