Another application for insolvency has been filed for the ailing Signa Group of the Austrian investor René Benko. According to the Vienna Commercial Court, Signa Development Selection AG filed for insolvency on Friday. The company, which specializes in project developments, is therefore aiming for self-administered restructuring proceedings, as Signa announced on Thursday.
On Thursday, the group’s real estate flagship, Signa Prima Selection AG, also filed for insolvency. The requested self-administration proceedings have now been opened by the commercial court.
After strong growth in the low interest rate phase, Benko’s empire got into extreme difficulties due to higher interest rates, higher construction costs and higher energy prices. (dpa)