VIENNA, Dec 4 (Reuters) – Property tycoon Rene Benko’s Signa Holding filed for insolvency in Vienna last week, the biggest such case Austria has seen and the largest victim to date of Europe’s property crash.
Benko, 46, built the complex constellation of companies headed by Signa Holding from the ground up, starting from humble origins in the western city of Innsbruck. Signa is an owner of New York’s Chrysler Building as well as high-profile projects and department stores across Germany, Austria and Switzerland.
THE PROCEEDINGS
The company has filed for insolvency seeking to administer itself through its restructuring. Under Austrian law it must repay at least 30% of the amount it owes to its creditors, or 1.5 billion euros ($1.6 bill…
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