Signa-Holding must shrink to the bare minimum as quickly as possible

Signa-Holding must shrink to the bare minimum as quickly as possible
Cracks in the Signa system
Image: APA/Eva Manhart

According to APA information, preparations are already being made for the immediate discontinuation of all sub-operations that are not absolutely necessary for the holding’s business operations and the immediate disposal of all corresponding assets.

This means that the insolvency administrator of Signa Holding, Christoph Stapf, wants to monetize everything that is not necessary for the operation of the holding company as quickly as possible in order to be able to carry out the restructuring. It’s about streamlining the company’s actual purpose.

So the days of private jets and helicopters in the Benko company network are coming to an end. In 2022, according to the “Kronen Zeitung” (Sunday edition) and verified by the APA, Signa Holding alone had accumulated 4.9 million euros in travel costs, 2.2 million euros in private jet costs, 409,000 euros in hunting costs, 722,000 euros in security costs and 463,000 euros in helicopter costs – The holding company is now in need of restructuring.

The insolvent Signa Holding, whose restructuring is being sought, “primarily manages the investments it holds and in this context also takes on representation and business initiation tasks,” it says. In the liquidity plan for the next three months, which Signa Holding submitted to the court as part of the bankruptcy filing, the monthly travel expenses are now only given as 23,000 euros, according to “Krone”.

According to the report, Signa Holding also paid 2.7 million euros for lawyers last year. For the next three months there are still 50,000 euros.

“The December salary and the Christmas bonus are still outstanding,” a Signa employee told the “Presse”. Company cars were confiscated by the leasing company. There has been talk of blocked credit cards in the media for a long time.

“Die Presse” also writes that the proven financial expert Walid Chammah (69) has withdrawn from the Signa advisory board for some time. Benko now owes the former Morgan Stanley investment bank boss 14 million euros. Chammah is currently suing the High Court in London.

Signa did not respond to APA inquiries over the weekend. For example, reports from Bloomberg and the Financial Times showed exaggerated valuations of Signa’s prestige properties, which the group did not want to comment on. The Berlin Upper West of Signa Prime Selection is valued at 45 times the rental income of the building. However, multipliers in the twenties are more common.

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