Many of the Signa Group’s subsidiaries are insolvent. Investors want a lot of money back from the founder. But he is also insolvent.
The total amount of claims against the insolvent Austrian entrepreneur René Benko has grown to around 2.4 billion euros. The founder of the bankrupt real estate and trading group Signa had previously been faced with claims of 2 billion euros. Now Austrian and international investors want an additional 400 million euros from the former billionaire, as his insolvency administrator said after a hearing at the Innsbruck Regional Court.
However, the administrator has only acknowledged a fraction of the claims, amounting to around 47 million euros. However, he could increase this amount as part of the insolvency proceedings. In addition, rejected creditors can try to get their money in civil proceedings.
Little hope of repayment
According to the creditors’ association KSV1870, the insolvency administrator wants to sell watches, a sports boat and a jet ski belonging to Benko. It is also being examined whether trademark rights owned by the entrepreneur could be monetized, it said. The administrator is also trying to access the assets of a private foundation. However, the insolvency administrator himself says he only expects total proceeds of a few hundred thousand euros, and not millions.
During the low interest rate phase, the Signa Group had built up a large portfolio, which also included the KaDeWe and Galeria department store groups. As interest rates, energy prices and construction costs rose, the complex corporate structure collapsed.
Source: Stern
