The Signa Prime Selection, a division of the insolvent Signa Group owned by Rene Benko, has begun the process of selling off luxury assets in Vienna and Innsbruck. This includes properties such as Park Hyatt, the Golden Quarter, the building of the Constitutional Court in Vienna, and the Tyrol department store in Innsbruck. The stake in Signa Prime Assets GmbH will be sold as part of the restructuring process under self-administration, announced by the insolvency administrator Norbert Abel.
In a press release, the restructuring administrator, Abel, stated that the sale of Signa Prime Assets GmbH is a crucial part of the restructuring concept of Signa Prime Selection. The aim of the sale is to realize financial resources necessary to fulfill the intended restructuring plan in the interests of the creditors.
Meanwhile, the construction of the Lamarr shopping center on Mariahilfer Straße is complete, although what will happen to this other Signa property in Vienna is currently unclear. Renovation attempts are being made in response to several bankruptcies in the Benko conglomerate, some worth billions. The insolvency decision on company founder Benko himself has been delayed until March.
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