In Austria, a situation arose with the bankruptcy of the parent and subsidiary companies of the Tyrolean holding specializing in real estate and retail trade, Signa - one of the largest in Europe.
The largest subsidiary in the corporate network of real estate investor René Benko, Signa Prime Selection AG, has filed for bankruptcy with the Commercial Court of Vienna in order to carry out a self-management reorganization procedure. Signa Prime Selection AG's liabilities are estimated at approximately 4.5 billion euros, making this case one of the largest bankruptcies in Austria. At the same time, the company's assets are declared in the amount of approximately 1.3 billion euros.
Around 300 creditors and 28 employees were affected by the bankruptcy of Signa Prime Selection AG. The company is offering a 30 percent restructuring quota for creditors to be paid over two years, totaling 1.4 billion euros.
Signa Prime, which is owned by Tyrolean investor Renaud Benko, combines assets in prominent properties such as Vienna's Goldenes Quartier, the Lamarr shopping center in Vienna and the KaDeWe shopping center in Berlin. Certain informational reservations about the cost of the facilities are also denied, and the halt in the construction of facilities such as the Upper West in Berlin and the Elbtower in Hamburg is also indicated.
