The Signa Group, owned by Rene Benko and currently facing insolvency, is starting to liquidate its luxury assets in Vienna and Innsbruck through its subsidiary, Signa Prime Selection. This move is part of the company’s efforts to address its financial difficulties.
Notably, the company’s stake in Signa Prime Assets GmbH is up for sale, according to the insolvency administrator, Norbert Abel. Prominent assets included in the sale are the Park Hyatt, the Golden Quarter, and the building housing the Constitutional Court in Vienna, as well as the Tyrol department store in Innsbruck.
Abel stated in a press release that the structured sale of Signa Prime Assets GmbH is a crucial part of the restructuring plan for Signa Prime Selection. The objective of the sale is to generate the necessary financial resources to implement the intended restructuring plan, which aims to protect the interests of the company’s creditors.
It’s worth noting that the construction of the shopping center, “Lamarr”, on Mariahilfer Straße, another Signa property in Vienna, has been completed. However, the future of this property remains uncertain. The Benko conglomerate has faced several bankruptcies recently, some of which involved billions. Efforts are underway to revive these bankrupt entities. Meanwhile, the decision concerning Benko’s insolvency has been postponed until March.