(Bloomberg) The insolvency of Rene Benko’s troubled property empire took a tumultuous turn Monday after the insolvency administrator for Signa’s umbrella organization said representatives in other key units of the opaque conglomerate rejected overtures to coordinate the restructuring.Most Read from BloombergTraders Line Up for ‘Once-in-a-Generation’ Emerging Markets BetBlackstone Is Building a $25 Billion Empire of Power-Hungry Data CentersTrump Cash Stockpile at Risk From $450 Million Dual V
Insolvency at Benko s Signa Falls Into Chaos bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
The troubled European Signa holding company is facing claims totalling 8.613 billion euros ($9.32 billion), its court-appointed manager said on Monday, a figure that is 70% more than debts originally flagged last year when it filed for insolvency. The insolvency manager, Christof Stapf, said that it had recognized only a fraction of the claims so far - just 80.3 million euros - and that many of the claims arrived without necessary supporting materials or late. Signa is the biggest casualty so far of Europe's property crisis.
Latest accounts for the Irish department store retailer show that it was the subject of an unsolicited offer in August 2023, which ultimately came to nothing