Reuters. FILE PHOTO: The sign of Signa Holding is placed on a crane next to a construction site in Vienna, Austria, December 19, 2023. REUTERS/Lisa Leutner/File PhotoFRANKFURT (Reuters) -Signa Development, a key division of European property company Signa, filed for insolvency on Friday in a Vienna court with debts of around 1.16 billion euros ($1.28 billion), the KSV creditor protection association said.
Signa on Thursday had said that the development division, as well as its big business Signa Prime, would be filing for insolvency this week, in what was a significant twist in the unravelling of founder Rene Benko’s real estate empire.
Signa Development has 39 projects in the works, according to KSV. Projects are located in Vienna, B…
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