Financial juggler René Benko is apparently unable to inject fresh money into his financially ailing group of companies to prevent an impending bankruptcy domino. 500 million euros can’t be a problem for the supposedly third richest Austrian, right? The “Krone” knows the figures of his family foundation.
For three weeks, German restructuring expert Arndt G Proteinz and his team of about thirty people have been trying to prevent the Signa Group from going under. Gietenz and Co. investigate the confusion in business and literally turn every document and piece of paper over three times. But the financial holes that are emerging are getting bigger: according to the leaked Gietenz concept, the on-fire group of companies of financial juggler René Benko needs around 500 million euros by the end of the month.
So far, Benkos’ trading companies have gone bankrupt, but on Friday Signa Real Estate Management Germany, the first of about 1,000 real estate companies, had to file for bankruptcy in the Charlottenburg court. There is a risk of a fire, the sparks of which could contaminate the entire European real estate market.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
