2024-03-09 05:42:22
After the insolvency of his holding company, founder René Benko also filed for bankruptcy. He is therefore insolvent.
After the bankruptcy of the Signa Group, the Austrian real estate entrepreneur René Benko is now facing bankruptcy himself. Benko had filed his own application to open insolvency proceedings “as an entrepreneur,” the Austrian news agency APA quoted a spokeswoman for the Innsbruck regional court as saying on Thursday. A decision from the insolvency judge is expected either on Friday or at the beginning of next week. The “Kronen Zeitung” had previously reported on it.
Benko, who was in serious trouble because of the Signa bankruptcy, took action himself, APA reported. The background to the bankruptcy filing is that the Austrian authorities recently filed a bankruptcy petition against Benko at the Innsbruck regional court. According to the APA, the insolvency judge should announce this week whether or not this application will be granted and therefore an actual insolvency exists. A so-called “insolvency opening meeting” took place in mid-February.
According to “Kronen Zeitung”, Benko owes the Austrian Finance Ministry more than two million euros. He has also not yet owed the amount for the restructuring of his insolvent Signa Holding.
The application could give Benko advantages in the proceedings
Benko’s own application could now possibly bring legal advantages to the real estate entrepreneur. APA referred to the assessment of the Austrian creditors’ protection association KSV1870, according to which, if the reason for insolvency is insolvency, Benko may in future be able to determine the exact type of procedure after its own application to open insolvency – i.e. whether there is a restructuring procedure with self-administration, a restructuring procedure without self-administration or bankruptcy proceedings. It initially remained unclear which of the listed types of procedure Benko could choose.
Video | Bankruptcy: When it happens and what it means
Galeria Karstadt Kaufhof and Signa went bankrupt
The Signa Group slipped into bankruptcy at the beginning of the year – and with it the German subsidiary Galeria Karstadt Kaufhof. Some of the department store properties also belong to the Signa empire. Galeria had complained that Signa was demanding excessive rents for the department store properties.
Galeria boss Olivier van den Bossche wants to keep the department store group with around 15,000 employees and is looking for a new owner. Several discussions are currently underway, a spokesman for insolvency administrator Stefan Denkhaus said on Thursday.