Restructuring targeted

1.3 billion €! The next pages at Benko’s Signa

There have been two further insolvencies in the Signa empire under Tyrolean founder Rene Benko.

(Bild: APA/Robert Jäger, Klemens Groh, Krone KREATIV)

There have been two more insolvencies in the real estate, retail and media empire of Signa under Tyrolean founder Rene Benko. Prime Holding GmbH, with liabilities of EUR 1.275 billion, and Prime Beteiligung GmbH, with EUR 37.5 million, have applied to the Vienna Commercial Court for restructuring proceedings without self-administration. Both offer a restructuring plan with a quota of 20 percent, have their registered office in Vienna and are pure holding companies, according to KSV1870.

KSV explained the reasons for the two insolvencies on Friday afternoon: "The reason for the application for restructuring proceedings without self-administration was that the debtor can no longer expect any profit distributions from its investments or financing from its shareholders in the short term."

Both companies are to continue as going concerns
KSV1870 has not yet received any further details about the structure of the creditors. According to information from the creditor protectors, both companies are to continue as a going concern.

(Bild: APA/Eva Manhart)

Trustee in bankruptcy investigates role of auditors
It was only in the middle of the week that the German "Manager Magazin" reported that the insolvency administrators are now taking a closer look at the role of the auditors. Experts have already been contacted to sound out any claims against the auditors. They are investigating the suspicion that the audit was negligent.

Benko taciturn in the U committee
Company founder Rene Benko was only summoned to the parliamentary COFAG committee of inquiry on Wednesday, but remained taciturn on important issues for long stretches. He largely refused to give evidence, referring to countless proceedings against him and the Signa group of companies, most of which are equally insolvent. Three sentences for "refusal to testify" were applied for.

While Benko had to face questions from parliamentarians in Vienna, his company empire was also at issue in Innsbruck. The examination hearing in the bankruptcy proceedings against the Benko family private foundation took place at the regional court there. After the one-hour hearing, insolvency administrator Herbert Matzunski told journalists that 2.3 billion euros in creditor claims had been filed. However, only 49.4 million euros of these were recognized.