The business network of real estate juggler René Benko continues to fall apart. This time it affects a small building block in the empire: in the aftermath of the bankruptcy of Signa Real Estate Management, its subsidiary Signa Hospitality GmbH has now also filed for bankruptcy. Two employees have been affected.
The company’s debts amount to 573,000 euros and its assets amount to 174,000 euros. The creditor associations AKV and KSV1870 have announced that there are no plans to continue the business.
Closure fixed
Signa’s subsidiary had already agreed to the closure in its bankruptcy filing. In addition to the two employees, twelve creditors are also affected by the bankruptcy. Signa Hospitality was responsible for devising and developing real estate projects as well as acquisitions in the field of hotel projects. The company is a wholly owned subsidiary of Signa Real Estate Management, which in turn is a subsidiary of Signa Prime.
Signa Holding: Activities will continue for the time being
However, at Signa Holding the continuation of activities is assured for the time being. Of the three million euros that René Benko promised in December, two-thirds, or two million euros, have already been requested and paid, according to a statement from the curator of Signa Holding on Wednesday.
In addition, the use of the holding company’s non-essential fixed and current assets continues. The office inventory of the Signa Holding division in Vienna’s Palais Harrach is currently being auctioned. According to a report, the market value of the entire inventory is 2.8 million euros. However, only part of it is currently offered via the Aurena auction platform.
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.
