Signa bankruptcy: ex-board members and creditors in the billion dollar dispute!

Signa bankruptcy: ex-board members and creditors in the billion dollar dispute!

In an explosive report on Signa Holding, one of the largest real estate developers in Europe, massive Financial irregularities are uncovered. According to the "Salzburger Nachrichten", the insolvency administrator of René Benkos Signa Development is calling for a total of over 4 million euros from several former managers. This includes demands of 488,000 euros against ex-Chancellor Gusenbauer and 218,000 euros against Wüstenrot boss Susanne Riess. At least two earlier supervisory boards have already made payments, while Timo Herzberg's recovery, the released board of directors, is still pending in the amount of 3.6 million euros. These are just a few of the large -scale complaints that result from bankruptcy, as the "Salzburger Nachrichten" reported.

legal arguments take their run

In the last few months before the bankruptcy, 300 million euros in Benko-private foundations also flowed according to a report by the Financial Times. These transactions have been suspected that Signa and Benko knew about the impending insolvency. The loans paid to Benkos Laura Foundation were the focus of the investigation. This was done while the Signa holding was tried to stabilize its financial situation.

With the change from a self -administration procedure to regular bankruptcy, Signa Holding is now losing increasingly control over its business. The insolvency administrator Christoph Stapf will now run the business, while the creditors vote on a renovation plan on March 18. The specified renovation rate of 30 percent within two years remains until further notice. Experts do not expect a dramatic effect on the restructuring measures that have been initiated in the past few months, however, take the view that comprehensive information is necessary to personally assess the renovation plan, according to the reports from the Financial Times and the creditor protection associations.