signa
The Austrian ex-billionaire René Benko refused to answer most questions during an investigative committee hearing in the Austrian parliament on Wednesday, provoking the ire of the committee's chairman, who threatened to fine him. The committee is investigating alleged preferential treatment of entrepreneurs by Chancellor Karl Nehammer's conservative Austrian People's Party (ÖVP). Benko's Signa Holding empire, which ran into deep financial trouble and collapsed, owned high-end real estate and retail stores, including luxury department store KaDeWe in Berlin. Benko was asked about his relationsh...
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The major Thai developer, Central Group, has taken over the property that is home to Berlin's iconic KaDeWe department store following an agreement with the previous, insolvent owner Signa Prime Selection, Central said on Friday. The Thai group is also considered to be among the leading candidates bidding to fully take over the whole KaDeWe Group, including the retail business itself, according to trade experts. In addition to the famed high-end KaDeWe store in Berlin, which was founded in 1907 and is perhaps the country's best-known retail location, the KaDeWe Group also includes the Oberpoll...
DPA Breaking News
The major Thai developer, Central Group, has taken over the property that is home to Berlin's iconic KaDeWe department store following an agreement with the previous, insolvent owner Signa Prime Selection, Central said on Friday. The Thai group is also considered to be among the leading candidates bidding to fully take over the whole KaDeWe Group, including the retail business itself, according to trade experts. Central currently holds a 50.1% stake in the group, while 49.9% belong to the Signa Group owned by Austrian businessman René Benko, which is in financial difficulties. “We are pleased ...
DPA Breaking News
Thailand's major Central Group developer has taken over the iconic KaDeWe department store in Berlin following an agreement with the previous, insolvent owner Signa Prime Selection, Central says.
DPA Breaking News
The restructuring plan for the insolvent Signa Group of ex-billionaire René Benko is the wrong approach, according to the Austrian Financial Procurator's Office. The promised quota of 30% for creditors can only be achieved if there is a "striking market recovery" in real estate, the president of the office, Wolfgang Peschorn, told the Foreign Press Association in Vienna. He maintained that bankruptcy would have been the cleaner solution. Such a break-up under the direction of an insolvency administrator would also have had the goal of the best possible realization of the existing assets and wo...
DPA Breaking News
The restructuring plan for the insolvent Signa Group of ex-billionaire René Benko is the wrong approach, according to the Austrian Financial Procurator's Office. The promised quota of 30% for creditors can only be achieved if there is a "striking market recovery" in real estate, the president of the office, Wolfgang Peschorn, told the Foreign Press Association in Vienna. He maintained that bankruptcy would have been the cleaner solution. Such a break-up under the direction of an insolvency administrator would also have had the goal of the best possible realization of the existing assets and wo...
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Creditors of Signa Prime Selection, the most prestigious segment of Austria's insolvent Signa Group and owner of Berlin's luxury department store, KaDeWe, have agreed to sell the segment's assets, the bankruptcy administrator said on Monday. Sigma Prime is seen as the crown jewel of flamboyant entrepreneur René Benko's bankrupt real estate empire, which has been brought down by rising interest rates, construction costs and energy prices. Its assets also include Hamburg's unfinished Elbe Tower, the Galeria Karstadt Kaufhof chain and the building housing Austria's Constitutional Court. Signa Pri...
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