Scandal about Hercules Holding: billion dollar and blow for Benko!

Scandal about Hercules Holding: billion dollar and blow for Benko!

Innsbruck, Österreich - The financial crisis around René Benko's empire accepts dramatic dimensions. On Thursday, the insolvency proceedings for Hercules Holding GmbH and its subsidiary, the Hercules Finance Holding GmbH, were opened at the Innsbruck regional court. The Credit Protection Association of 1870 confirmed this message, which revealed the overwhelming liabilities of 745 million euros. The Hercules Holding itself states to be in chalk with 404 million euros, while the liabilities of the Hercules Finance Holding are 341 million euros, as

The economic descent of Hercules Holding is a direct result of the collapse of the Signa Group, which has faltered numerous subsidiaries alike. The bankruptcy was initiated after demands from other companies could no longer be met from the Signa Group. Of the approximately 46 creditors affected, further claims could be added, in particular on the basis of ongoing arbitration proceedings, including the Mubadala State Fund from Abu Dhabi, as from the report of 5min.at . The insolvency administrator, lawyer Stefan Geiler, will now check whether the remaining company participations of the Hercules holding are still worth a value or whether these companies will also slip into bankruptcy.

The Hercules Holding, which was known until recently under the name Laura Holding, belongs to the Laura Private Foundation, which was founded by Ingeborg Benko. Immediate bankruptcy also focuses on the matters of the foundation, since attempts have already been made to access the foundation's assets in order to operate the creditors. So far, however, these attempts have been unsuccessful, and the legal arguments seem to be tipped further.