René Benko’s house of cards continues to collapse. After Signa Prime, Signa Development is also declared bankrupt. The Vienna Supreme Court had not confirmed the trust restructuring plan accepted by the creditors.
As the Vienna Commercial Court announced on Monday, the Supreme Court did not follow the appeals of the debtor Signa Development Selection AG and a German administrator for several creditors.
Assets are used
A renovation was not a success. The assets will now be used by the trustee in bankruptcy proceedings.
The Vienna Commercial Court will therefore immediately revoke the self-government and change the name of the procedure to bankruptcy proceedings.
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.
