2023-12-03 10:05:28
At Rene Benko’s ailing Signa Group – some of the companies in the huge network, such as Signa Holding, have already filed for insolvency or bankruptcy in Austria and Germany – iron-clad savings are the order of the day; following all, restructuring is the goal. In 2022, according to the “Kronen Zeitung” (Sunday), Signa Holding alone recorded 4.9 million euros in travel costs, 2.2 million euros in private jet costs, 409,000 euros in hunting costs, 722,000 euros in security costs and 463,000 euros in helicopter costs.
The insolvent Signa Holding, whose restructuring is being sought, “primarily manages the investments it holds and in this context also takes on representation and business initiation tasks,” it says. In the liquidity plan for the next three months, which Signa Holding submitted to the court as part of the bankruptcy filing, the monthly travel expenses are now only given as 23,000 euros, according to “Krone”.
According to the report, Signa Holding also paid 2.7 million euros for lawyers last year. For the next three months there are still 50,000 euros.
“The December salary and the Christmas bonus are still outstanding,” a Signa employee told the “Presse”. Company cars were confiscated by the leasing company. There has been talk of blocked credit cards in the media for a long time.
“Die Presse” also writes that the proven financial expert Walid Chammah (69) has withdrawn from the Signa advisory board for some time. Benko now owes the former Morgan Stanley investment bank boss 14 million euros. Chammah is currently suing the High Court in London.
Signa did not respond to APA inquiries over the weekend. For example, reports from Bloomberg and the Financial Times showed exaggerated valuations of Signa’s prestige properties, which the group did not want to comment on. The Berlin Upper West of Signa Prime Selection is valued at 45 times the rental income of the building. However, multipliers in the twenties are more common.
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