2023-11-10 16:14:40
Signa Prime and Signa Development will have their own restructuring specialist. Arndt Geiwitz, who took over the chairmanship of the advisory board and shareholder committee from Rene Benko a few days ago, has brought the German Ralf Schmitz into the two companies as Chief Restructuring Officer (CRO). Signa announced on Friday that he will be responsible for the operational implementation of the restructuring as an additional board member.
Regarding the as yet unclear transfer of voting rights from Benko to Geiwitz, Friday’s broadcast states: “For the duration of the restructuring, Arndt Geiwitz will take responsibility for the interests of the Benko family private foundation.” Rene Benko’s voting rights were not formally transferred to Geiwitz, but de facto he is allowed to exercise them fully and independently.
Arndt Geiwitz enjoys the trust of all Signa Holding shareholders, the broadcast continues. It is not yet possible to estimate how long the restructuring will take. In any case, the aim is to develop a restructuring plan by the end of November and present it to the shareholders. All areas of Signa should be put to the test, said Geiwitz, according to the broadcast. “In the meantime, we need peace and order for the SIGNA Group, its partners, investors and employees.”
With Schmitz, Signa is getting an “outstanding expert and proven specialist in questions of restructuring and consolidation,” Geiwitz continued. Born in Düsseldorf and studying industrial engineering, he looks back on over 20 years of experience as a restructuring professional in various industries – from the automotive industry to mechanical engineering to real estate and media.
The Tyrolean René Benko handed over the helm at Signa to Geiwitz on Wednesday and resigned as chairman of the advisory board and chairman of the shareholders’ committee following several divisions of the group ran into difficulties. Losses have been accumulating, particularly in the real estate business, due to high devaluations, and there have recently been increasing reports of liquidity bottlenecks.
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