Germany Daily
  • Politics
  • Crime
  • Society
  • Business
  • Culture
  • Health
  • Sport
  • Technology
  • Explore Germany
    • Learn about Germany
    • Living in Germany
    • Study in Germany
    • Germany travel guide
No Result
View All Result
Germany Daily
No Result
View All Result

Creditors demand 2.4 billion euros from tycoon René Benko

Caspar Frey by Caspar Frey
September 26, 2024
in Business
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

René Benko, founder of the bankrupt Signa Group, is facing creditor claims totaling approximately 2.4 billion euros ($2.6 billion). This massive debt comes as many subsidiaries of his real estate and retail empire have filed for insolvency.

Creditors demand 2.4 billion euros from tycoon René Benko
Real estate tycoon René Benko

The amount of claims against insolvent Austrian entrepreneur René Benko has grown to about 2.4 billion euros ($2.6 billion). The founder of the now-bankrupt Signa real estate and retail group had previously faced claims of 2 billion euros. Now, Austrian and international investors are demanding an additional 400 million euros from the former billionaire, as his insolvency administrator stated after a hearing at the Innsbruck Regional Court.

However, the administrator has only recognized a fraction of these claims, amounting to around 47 million euros ($51 million). This sum could potentially increase during the insolvency proceedings. Additionally, rejected creditors may attempt to recover their money through civil litigation.

Limited prospects for repayment

According to the creditor association KSV1870, the insolvency administrator plans to sell Benko’s watches, a sports boat, and a jet ski. Furthermore, they are exploring whether the entrepreneur’s trademark rights could be monetized. The administrator is also attempting to access assets held in a private foundation. However, the insolvency administrator expects to generate only a few hundred thousand euros in total, rather than millions.

The Signa Group had built a large portfolio during the low-interest rate era, which included department store chains KaDeWe and Galeria. The complex corporate structure collapsed amid rising interest rates, energy prices, and construction costs.

Tags: bankruptcyRené Benko

You may want to read:

Soex textile company files for bankruptcy, impacting 460 employees

Soex textile company files for bankruptcy, impacting 460 employees

October 9, 2024

The German textile recycling company Soex, based in Bitterfeld-Wolfen, has filed for bankruptcy. More than 460 employees are affected, though...

Wirecard shareholders may receive compensation after court ruling

Wirecard shareholders may receive compensation after court ruling

September 26, 2024

In a new development, over 50,000 Wirecard shareholders may now have hope for compensation in the insolvency proceedings. This follows...

With heavy debt, Tupperware on the brink of collapse

With heavy debt, Tupperware on the brink of collapse

September 17, 2024

Tupperware, the iconic food storage brand, is facing a financial crisis with $700 million in debt. The company, known for...

Fireplace and stove maker RAMFIRE Group files for bankruptcy

Fireplace and stove maker RAMFIRE Group files for bankruptcy

September 9, 2024

A well-known Bavarian manufacturer of fireplaces and stoves has unexpectedly filed for insolvency. The bankruptcy affects around 30 employees who...

Latest news

1.6 billion cigarettes sold on black market in Germany in 2023

1.6 billion cigarettes sold on black market in Germany in 2023

October 9, 2024
Machinery maker Komatsu cuts hundreds of jobs in Germany

Machinery maker Komatsu cuts hundreds of jobs in Germany

October 9, 2024
Porsche to invest in debt-ridden battery manufacturer Varta

Porsche to invest in debt-ridden battery manufacturer Varta

October 9, 2024
ElringKlinger sells subsidiaries, impacting 650 jobs

ElringKlinger sells subsidiaries, impacting 650 jobs

October 9, 2024
Soex textile company files for bankruptcy, impacting 460 employees

Soex textile company files for bankruptcy, impacting 460 employees

October 9, 2024
Hydrogen pipeline from Denmark to Germany delayed until 2031

Hydrogen pipeline from Denmark to Germany delayed until 2031

October 9, 2024
  • About us
  • Contact us
  • Daily news from Germany in English
  • Privacy policy
No Result
View All Result
  • Politics
  • Crime
  • Society
  • Business
  • Culture
  • Health
  • Sport
  • Technology
  • Explore Germany
    • Learn about Germany
    • Living in Germany
    • Study in Germany
    • Germany travel guide

© 2024 Germany Daily