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Rene Benko's property empire, Signa Holding, is facing financial challenges. A key shareholder is urging investors to inject more funds. Signa Development Selection plans to sell assets to raise cash and reclaim €600 million lent to affiliated companies. The empire, valued at €23 billion, co-owns the Chrysler Building in New York. Speculation about Signa's financial health has been circulating, prompting the appointment of a chief restructuring officer.
“For months, rumours around the financial health of Austrian property giant Signa had been swirling. So its founder René Benko did one of the things he did best: he threw a party.” @samgadjones with the weekend read on the Benko mess you were waiting for https://t.co/tJjFEKee1M
Rene Benko's Signa names a chief restructuring officer for the overhaul of the €23 billion property empire that co-owns the Chrysler Building in New York https://t.co/EFpVEDhadk
Rene Benko's Signa names a chief restructuring officer for the overhaul of the €23 billion property empire that co-owns the Chrysler Building in New York https://t.co/bAkxAfZVuM
Signa Development Selection says it is aiming to boost cash by selling assets and clawing back part of the €600 million in funds lent to affiliated companies https://t.co/D1Fv2oLBWP
The sale of Signature Bank’s $33 billion in commercial-property loans and other assets is expected to attract bids as much as 40% below face value https://t.co/Ujx0KCPQDt Probably higher than 60% of face value.
A key shareholder of Rene Benko’s €23 billion property empire is calling on his fellow investors to commit more funds to Signa Holding https://t.co/lpnyVZ88yv
A key shareholder of Rene Benko’s €23 billion property empire is calling on his fellow investors to commit more funds to Signa Holding https://t.co/kpkrWQdsuM