signa
The major Thai developer, Central Group, has taken over the property that is home to Berlin's iconic KaDeWe department store following an agreement with the previous, insolvent owner Signa Prime Selection, Central said on Friday. The Thai group is also considered to be among the leading candidates bidding to fully take over the whole KaDeWe Group, including the retail business itself, according to trade experts. In addition to the famed high-end KaDeWe store in Berlin, which was founded in 1907 and is perhaps the country's best-known retail location, the KaDeWe Group also includes the Oberpoll...
DPA
The major Thai developer, Central Group, has taken over the property that is home to Berlin's iconic KaDeWe department store following an agreement with the previous, insolvent owner Signa Prime Selection, Central said on Friday. The Thai group is also considered to be among the leading candidates bidding to fully take over the whole KaDeWe Group, including the retail business itself, according to trade experts. Central currently holds a 50.1% stake in the group, while 49.9% belong to the Signa Group owned by Austrian businessman René Benko, which is in financial difficulties. “We are pleased ...
DPA
The restructuring plan for the insolvent Signa Group of ex-billionaire René Benko is the wrong approach, according to the Austrian Financial Procurator's Office. The promised quota of 30% for creditors can only be achieved if there is a "striking market recovery" in real estate, the president of the office, Wolfgang Peschorn, told the Foreign Press Association in Vienna. He maintained that bankruptcy would have been the cleaner solution. Such a break-up under the direction of an insolvency administrator would also have had the goal of the best possible realization of the existing assets and wo...
DPA
The restructuring plan for the insolvent Signa Group of ex-billionaire René Benko is the wrong approach, according to the Austrian Financial Procurator's Office. The promised quota of 30% for creditors can only be achieved if there is a "striking market recovery" in real estate, the president of the office, Wolfgang Peschorn, told the Foreign Press Association in Vienna. He maintained that bankruptcy would have been the cleaner solution. Such a break-up under the direction of an insolvency administrator would also have had the goal of the best possible realization of the existing assets and wo...
DPA
Creditors of Signa Prime Selection, the most prestigious segment of Austria's insolvent Signa Group and owner of Berlin's luxury department store, KaDeWe, have agreed to sell the segment's assets, the bankruptcy administrator said on Monday. Sigma Prime is seen as the crown jewel of flamboyant entrepreneur René Benko's bankrupt real estate empire, which has been brought down by rising interest rates, construction costs and energy prices. Its assets also include Hamburg's unfinished Elbe Tower, the Galeria Karstadt Kaufhof chain and the building housing Austria's Constitutional Court. Signa Pri...
DPA
The public prosecutor's office in the southern German city of Munich is investigating suspected money laundering at the insolvent Signa Group owned by Austrian entrepreneur René Benko, a spokeswoman told dpa on Wednesday. The spokeswoman for the investigating authority did not name any specific suspects when asked by dpa, but she pointed out that there is no corporate criminal law in Germany: In other words, companies cannot be investigated, only individuals. "It goes without saying that the facts of the case will be examined comprehensively from a legal perspective, that is also with regard t...
DPA
The public prosecutor's office in the southern German city of Munich is investigating suspicions of money laundering at the insolvent Signa Group owned by Austrian entrepreneur René Benko, a spokeswoman told dpa on Wednesday. The spokeswoman for the investigating authority did not name any specific suspects when asked by dpa, but she pointed out that there is no corporate criminal law in Germany: In other words, companies cannot be investigated, only individuals. "It goes without saying that the facts of the case will be examined comprehensively from a legal perspective, that is also with rega...
DPA
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