The bankrupt Signa Prime Selection of the also bankrupt René Benko is selling its subsidiary Signa Prime Asset GmbH – which includes a number of prominent and valuable properties. According to market rumors, a deal could be completed as early as today, Monday.
According to reports, the German industrialist Schoeller family is on the verge of taking over the company, which includes the Golden Quartier, the Hotel Park Hyatt in Vienna and the Tirol department store in Innsbruck. Signa Prime Selection’s creditors committee could approve the sale today.
Helped Benko with a million dollar loan
The German industrialists helped René Benko’s Signa Prime Selection out of the liquidity crisis last summer with a loan of 200 million euros and in return received liens on the financing company Signa Prime Capital Invest GmbH, which owned shares in valuable properties such as the planned luxury Lamarr property . department store in Vienna, the KaDeWe in Berlin and the Elbtower project in Hamburg.
Best offer?
The Schoeller Group would now not only have offered the best price for Signa Prime Asset GmbH out of a total of 37 interested parties, but would also have made the best structural offer, i.e. the liens on Signa Prime Capital would be deducted, which would mean that the realization of the assets would no longer block valuable properties. Prime’s restructuring manager did not respond to the rumors when asked.
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.
