• 24/02/2024 02:05

The largest bankruptcy of a trading holding in history occurred in Austria

В Австрії відбулося найбільше в історії банкрутство холдингу з торгівлі

In Austria, the bankruptcy of the parent and subsidiary companies of the Tyrolean real estate and retail holding Signa, one of the largest in Europe, was registered.

Ukrinform reports this with reference to the Austrian newspaper Kleine Zeitung.

“Signa Prime Selection AG, a key subsidiary in the corporate network of Tyrolean real estate investor René Benko, filed for bankruptcy on Thursday at the Vienna Commercial Court, the company announced in a press release on Thursday morning,” the statement said.

It is noted that the statement concerns “the reorganization procedure within the framework of self-government.”

“According to creditor protection organizations KSV1870, AKV and Creditreform, the amount of liabilities (Signa Prime Selection AG – ed.) is about 4.5 billion euros. The bankruptcy of Signa Holding was said to be 5 billion euros, which makes it the two largest cases of bankruptcy in Austria. Assets are declared in the amount of about 1.3 billion euros,” the material notes.

In total, about 300 creditors and 28 employees suffered as a result of the bankruptcy of Signa Prime Selection AG. The company offered its creditors a 30 percent quota for the restructuring, which must be paid within two years – that's 1.4 billion euros.

As the publication notes, in Signa Prime, the Tyrolean investor Renaud Benko, who also has good business ties with Russia, combined Signa shares in such famous real estate properties as, in particular, the Viennese “Goldenes Quartier” (“Golden Quarter”) with luxury the Park Hyatt hotel, Lamarr in Vienna and KaDeWe in Berlin.Reorganization proceedings for the parent company Signa Holding were previously opened at the end of November.

“The gross asset value, that is, the total value of real estate, was last listed on the website as 20.4 billion euros. However, information appeared in the media that some properties were significantly overvalued – such as Upper West in Berlin. In addition to the non-performing Lamarr construction site in Vienna, construction of the Elbtower skyscraper in Hamburg has also stopped,” the statement said.

As Ukrinform reported, Rudy Giuliani, the former lawyer of former US President Donald Trump, filed for bankruptcy on December 21 in federal court in New York. This comes just days after the man was fined $150 million for libel.

Photo: ARA


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