Signa Group’s management continues to undergo significant downsizing. Now the advisory board of the bankrupt Signa Holding has been completely dissolved. Former top politicians Alfred Gusenbauer and Susanne Riess-Hahn sat there.
As the “Krone” reported on Tuesday, the contract between Signa and ex-chancellor Alfred Gusenbauer (he is said to have received consultancy fees of up to seven million euros) was canceled in advance. It was also announced that the former SPÖ leader will also resign from his mandate on Strabag’s supervisory board at the end of this year.
Signa Advisory Board: Benko was chairman until his departure
The Signa Advisory Board was established in 2013 and Rene Benko chaired the committee until his departure in November 2023. Also history is the group management of the holding company, which was responsible for operational and strategic management. The members of the Board of Directors included the director of Signa Holding, Christoph Stadlhuber.
Real estate developer Signa Development has requested a restructuring
Meanwhile, another company in the financially troubled Signa Group is at risk of going bankrupt. The real estate developer subsidiary BAI Bauträger Austria Immobilien GmbH of the non-insolvent Signa Development has filed an application with the Vienna Commercial Court to open a non-self-management restructuring procedure, as the Alpine Creditors Association and the Credit Protection Association KSV1870 announced on Wednesday evening. According to KSV1870 information on liquidation values, current liabilities amount to approximately 4.55 million euros. 17 employees and 36 creditors are affected by the upcoming restructuring process.
Signa: Uncertainty in Korneuburg due to the location of the shipyard
It is also unclear at the municipality of Korneuburg whether Signa will remain a partner for the plans for the old shipyard site. Information from the real estate group was missing, ORF Lower Austria reported on Thursday. However, the city absolutely wants to stick with the project “and, if necessary, build it together with another partner.”
“We don’t know what will happen next with Signa,” said Roland Raunig, director of the urban development fund SEFKO. If Signa Development also ends up in bankruptcy proceedings, the project company for the Korneuburg shipyard could be sold. Raunig said they will also build with a new partner – the company’s corresponding buyer.
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.
