René Benko has many passions, but some of them could be over now – for example hunting. The dazzling businessman from Austria has created an internationally widespread real estate and trading empire that is burdened with billions of euros in debt. Signa Holding, the empire’s umbrella company, is insolvent. The holding company’s restructuring manager, Viennese lawyer Christof Stapf, is now combing through Benko’s empire, which also includes department stores (Karstadt, Kaufhof) and large real estate projects in Germany.
One of the core questions for Stapf: What does Signa still need and what does it no longer need? Hunting trips at company expense may be a thing of the past for now. Signa Holding submitted its insolvency application to the commercial court in Vienna last week, including numerous business figures. It also lists millions of dollars in expenses for hunting, helicopters and private jets, reports a person familiar with the documents. Benko previously leased a large hunting area from the Austrian state, which he also wanted to buy and spruce up with luxurious new buildings; But the federal government opposed it.
Hunting friend Benko was apparently more successful elsewhere: Anyone who searches through Austrian media from the past few years will find references to hunting areas that are associated with the name Benko: That’s how he leased it, according to the noise Burgenland people’s newspaper 2018 the “Nickelsdorf West” hunting district. According to Bloomberg, Benko’s family foundation is said to have paid around 30 million euros for 1,300 hectares for the Stüblergut in Styria in 2020. Whether this was done at your own expense or at the company’s expense will become clear in the course of the insolvency proceedings. Like so many other things.
Hunting is a popular hobby in Austria, which traditionally brings together the interests of the rich and influential, the former nobility and, above all, conservative politicians, even if the number of younger and female fans has recently increased. In addition to the state, the country’s largest forest owners are still descendants of noble families. Hunting enthusiasts, politicians and the media meet at the legendary Pig Skull dinner, to which the Attorney General of the Raiffeisen Association invites every year in January; the guest list overlaps with a list of names from which the default quoted and in which Signa Holding revealed who could be invited to “small game” network maintenance and “duck cleaning”.
All attempts to reach Benko come to nothing
Benko and Signa were always difficult to separate. Benko was Sigma, and Signa was Benko, even though the real estate tycoon had no longer been formally the CEO of the group for years, but only chairman of the Signa Group’s advisory board. In any case, the holding company will no longer be able or willing to afford the pleasure of hunting. It doesn’t matter whether it was rental costs or something else that went into hunting. Helicopter flights and a private jet are no longer necessary. The luxury life at Signa, whoever may have enjoyed it to whatever extent, has come to an end.
The Southgerman newspaper Benko would have liked to ask whether Signa Holding paid for some things that served his private purposes. But all attempts to reach the real estate tycoon came to nothing. An email to his company address went unanswered. A German law firm that previously had a mandate from Signa and also brokered discussions with Benko is no longer working for the holding company. Rather, the law firm is on a provisional list of creditors; she is still waiting for money from Signa.
As does a law firm in Vienna, which is also on the list of creditors. An inquiry submitted there to Benko will be passed on, according to a telephone inquiry from the office. And then there is a German contact for the Austrian real estate tycoon. He sent an email on Sunday saying that you were welcome to send questions to Benko. “I’ll then forward it accordingly.” When asked by email what certain company costs are, nothing comes up. The German contact person could no longer be reached on Monday.
The new landlord at Signa is now the Viennese lawyer Stapf According to the information on its homepage, it has already handled 18 major bankruptcies. Stapf has 90 days to submit a restructuring plan, which the creditors can then accept – or not. In order for it to even get that far, Stapf would have to be able to offer the creditors that they get at least 30 percent of their money within two years.