The bankrupt Signa Holding of real estate juggler René Benko withdrew its application for a restructuring plan on Thursday and requested the Vienna Commercial Court to convert it into bankruptcy proceedings. The holding company can no longer be adequately financed from the restructuring of the two sub-companies Prime and Development.
The curator of Signa Holding, Christoph Stapf, confirmed the bankruptcy application on Thursday. This means that there is no longer a minimum quota for repaying creditors’ claims.
The reason for the now final bankruptcy of the parent company was that the restructuring concept was mainly based on the value retention of the restructuring of the important investment companies – in particular Signa Prime and Signa Development – but the returns from these investments are no longer sufficient.
As a result of the latest decision at Wednesday’s general meeting, Signa Holding would only share fourth as a shareholder in the proceeds from the implementation of the trust restructuring plans of the two Signa core companies.
It is therefore expected that Signa Holding will no longer have significant investment values from its investments in Signa Prime and Signa Development.
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.
