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René Benko will sell Signa shares at the Chrysler Building

René Benko will sell Signa shares at the Chrysler Building

Tip of the iceberg: The high-rise Chrysler Building in New York was also affected by Cigna’s bankruptcy.
Photo: Reuters

It takes forty-six pages in A3 format to present the organizational chart of Signa Holding. A redevelopment manager is trying to find his way through the complex jungle. One thing is clear: Rene Benko has to sell a lot.

DrStruggling Signa Holding is initially allowed to continue restructuring itself. The Vienna Commercial Court agreed on Tuesday. However, the restructuring manager, lawyer Christoph Stapf, gave the holding company a certificate of condemnation after the first meeting of creditors. There was a “lack of well-rounded management capacity” in the group’s middle management. The holding company “recently only partially performed the monitoring function.”

It is necessary to provide more guarantees to finance this complex procedure. Cigna’s founder and longtime head of the real estate empire, René Benco, has so far only given or promised grants totaling €3 million. In order to satisfy creditors’ claims, Cigna will likely have to divest from investments such as the Chrysler building in New York and shares in Austrian media outlets.

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