Signa Files Insolvency as Cash Crunch Fells Luxury Empire
- Real estate group was unable to secure emergency financing
- Owner of numerous trophy assets made filing on Wednesday
This article is for subscribers only.
Austrian tycoon Rene Benko’s Signa filed for insolvency after a last-ditch attempt to raise emergency funding failed, making the co-owner of New York’s Chrysler building one of the most prominent casualties of Europe’s property crisis.
The filing is a bitter blow for the self-made mogul, who was known to boast that only the British royal family and the Catholic church could rival his array of exclusive properties. With assets valued at €23 billion ($25 billion) at the end of last year, the collapse may become the largest real estate meltdown in Europe since the global financial crisis.