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. This is reported by Ukrinform with a link to the Austrian newspaper Kleine Zeitung.
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Signa Prime Selection AG, the most important subsidiary in the corporate network of Tyrolean real estate investor René Benko, filed for bankruptcy at the Vienna Commercial Court on Thursday. The company announced this in a press release on Thursday morning,” the message says.
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. Signa Holding's bankruptcy involved €5 billion, making it the two largest bankruptcy cases in Austria. The assets are declared to be about 1.3 billion euros,” the material says.
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 – this is 1.4 billion euros.
As the publication notes, Signa Prime has Tyrolean investor Renaud Benko, who also has good business ties with Russia, combined Signa's shares in such famous real estate properties as, in particular, the Vienna “Goldenes Quartier” (“Golden Quarter”) with the luxury Park Hyatt hotel, the Lamarr trading house in Vienna and the KaDeWe trading house in Berlin. Previously, at the end of November, proceedings were opened for the reorganization of the parent company Signa Holding.
“The gross value of assets, that is, the total value of real estate assets, was last listed on the website as 20.4 billion euros. However, information has appeared in the media that some properties are significantly overvalued, such as Upper West in Berlin. In addition to the idle Lamarr construction site in Vienna, the construction of the Elbtower skyscraper in Hamburg has also stopped,” the message says.