René Benko, a department-store magnate and co-owner of the Chrysler Building, has been hit by the global property slump. His main holding company filed for insolvency, leading to a likely collapse of his personal fortune. The situation is opaque, with a Swiss unit of Signa Holding GmbH, affiliated with the German Galeria store chain, also applying for a debt-restructuring moratorium. Additionally, reports indicate that Signa group's SportScheck retailer is set to file for insolvency. Signa Holding's insolvency has brought attention to the complex structure of the debt-ridden Austrian property empire, which includes holdings from the Chrysler Building to shares in Berlin landmarks.
⚠️ FACTBOX-BENKO'S COMPLEX WEB AT SIGNA - FROM CHRYSLER BUILDING TO BERLIN LANDMARK Signa Holding's insolvency on Wednesday has cast a spotlight on the complex structure of the debt-ridden Austrian property empire, whose holdings span from New York's Chrysler building to shares… https://t.co/BKXgSmVIqZ
Signa group's SportScheck retailer to file for insolvency - reports https://t.co/k7RMOZM1eM https://t.co/ETk0gdgM1y
A Swiss unit of Signa Holding GmbH affiliated with the German Galeria store chain applied for a debt-restructuring moratorium https://t.co/rj16dLOjIh
A Swiss unit of Signa Holding GmbH affiliated with the German Galeria store chain applied for a debt-restructuring moratorium https://t.co/oNELKsDokc
Rene Benko's personal fortune has likely collapsed after his main holding company filed for insolvency, but like his real estate group, the situation is very opaque. https://t.co/9tB2Bw2lCZ
Rene Benko's personal fortune has likely collapsed after his main holding company filed for insolvency, but like his real estate group, the situation is very opaque. https://t.co/gZYr68PYk5
The global property slump has claimed a new high-profile victim: René Benko, a department-store magnate who also co-owns the Chrysler Building https://t.co/b1vQeynzFf https://t.co/b1vQeynzFf