After René Benko as a private individual, the Austrian investor’s family foundation now also has insolvency Registered. The two Austrian credit protection associations KSV1870 and the Alpine Creditors Association announced that bankruptcy proceedings had been opened at the regional court over the assets of the private foundation.
According to the bankruptcy filing, the foundation founded by René and his mother Ingeborg Benko in 2001 Debts amounting to 854 million euros. The foundation is an important part of the Benko Group. According to the credit protectors, it holds several holdings, including 10.1 percent in the insolvent Signa Holding, the real estate group’s umbrella company.
Two arbitration cases pending
According to a report in the Austrian newspaper, the foundation also holds default almost a third of Supraholding GmbH, which in turn has shares in the Signa Holding holds. All shares are therefore valued at zero euros in the insolvency application that has now been received.
In addition, according to the KSV1870 association, two arbitration proceedings are ongoing against the foundation, i.e. proceedings that aim to reach an out-of-court settlement. Loud default Arab creditors are demanding hundreds of millions of euros in one of the proceedings.
The most important parts of the Signa real estate and trading group built by Benko are insolvent. The company network, which also includes the Galeria Karstadt Kaufhof department store group, was faltering due to increased interest rates, construction costs and energy prices. At the beginning of March, Benko filed for personal bankruptcy.
After René Benko as a private individual, the Austrian investor’s family foundation now also has insolvency Registered. The two Austrian credit protection associations KSV1870 and the Alpine Creditors Association announced that bankruptcy proceedings had been opened at the regional court over the assets of the private foundation.
According to the bankruptcy filing, the foundation founded by René and his mother Ingeborg Benko in 2001 Debts amounting to 854 million euros. The foundation is an important part of the Benko Group. According to the credit protectors, it holds several holdings, including 10.1 percent in the insolvent Signa Holding, the real estate group’s umbrella company.