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Collapsed European property company founded by René Benko faces painful wind-down, warns administrator
Investigators are probing whether property tycoon benefited from sweetheart terms on key developments
European property developer’s collapse could spell trouble for the commercial real estate sector
René Benko’s indebted group relied heavily on funding from German insurance groups
Boards of troubled luxury real estate group say contract of Timo Herzberg terminated with immediate effect
Plus, bankruptcy protections face a Supreme Court test and Toyota fuels rising hopes of a governance revolution in Japan
Non-essential staff made up the bulk of property holding company’s staff, court filing shows
Liabilities climbed to €5bn in September, up from about €2bn at the end of 2022
René Benko’s luxury property group offloaded 50% of department store at fraction of its internal valuation
The players and properties at the centre of one of Europe’s highest-profile restructurings
Lenders across Europe race to assess their exposure to sprawling empire of Austrian billionaire René Benko
No deal was reached with hedge fund after efforts to secure more than €400mn of financing
Swiss wealth manager’s decision comes amid financial crisis at Austrian property group Signa
Swiss lender has taken $79mn in ‘valuation adjustments’ against its loan book since the end of October
Austrian property billionaire René Benko this week lost control of his luxury development company Signa
Arndt Geiwitz replaces René Benko at helm of property group with stakes in Selfridges and Chrysler building
Austrian furniture chain’s announcement causes uproar in home state and throws focus on Signa Group
Developer named by prosecutors last year as a suspect in long-running corruption investigation
High-profile proceeding alleged scheme to corrupt politician responsible for Vienna planning permissions
The filing of Germany’s biggest department store chain for bankruptcy protections intensifies scrutiny of the Austrian developer
Galeria Karstadt Kaufhof owner René Benko, who also co-owns UK retailer Selfridges, under pressure to save mid-market chain
The sense of invulnerability cloaking one of Europe’s most politically connected billionaires is punctured
Strategy could lead to first new UK stores in 20 years
Thai-Austrian partnership also intends to develop serviced apartments as part of revamp
‘Uniqueness and experiences’ seem to be paying off for department stores
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