Hot topics close

Austria's Signa gets 100 million euro loan from Attestor

Austrias Signa gets 100 million euro loan from Attestor
British investment fund Attestor Ltd. has granted Signa's Prime unit a loan of up to 100 million euros to boost the liquidity of the insolvent Austrian property company, restructuring...

(Reuters) - British investment fund Attestor Ltd. has granted Signa's Prime unit a loan of up to 100 million euros ($108 million) to boost the liquidity of the insolvent Austrian property company, restructuring administrator Norbert Abel said on Friday.

"This allows the company's liquidity to be stabilised considerably with the aim of salvaging the assets in a structured manner," Abel said in a statement, noting the parties involved were keeping details of the loan confidential.

The cash injection should help the company to dispose of assets in a more orderly fashion.

Signa, the property empire founded by tycoon Rene Benko, has been one of the biggest casualties of Europe's real estate crisis, with creditors filing claims worth billions of euros.

The group's holding company, which sits at the centre of a web of hundreds of firms, has declared insolvency, as have its two main units, Signa Prime and Signa Development.

Signa Prime holds some of the group's best-known assets such as department stores KaDeWe in Berlin, Alsterhaus in Hamburg, Oberpollinger in Munich, and Vienna's Park Hyatt luxury hotel.

($1 = 0.9264 euros)

(Reporting by Rene Wagner; Editing by Kirsten Donovan)

Similar news
News Archive
  • Hisham Hamdan
    Hisham Hamdan
    Malaysia's 26th Covid-19 patient disputes claim he is behind outbreak's 2nd wave
    6 Mar 2020
    2
  • 2019 Best Nine
    2019 Best Nine
    How to Get Your Best Nine Instagram Posts for 2019 Without the Watermark
    30 Dec 2019
    8
  • Huobi
    Huobi
    Malaysia Orders Huobi to Shut Down Local Business
    26 May 2023
    3
  • AirPods Pro
    AirPods Pro
    AirPods Pro on my face so far: No longer weird at all
    28 Oct 2019
    19
  • Kim Jongun
    Kim Jong-un
    North Korea plans world's 'most powerful' stock of nuclear weapons in chilling threat
    28 Nov 2022
    15
This week's most popular news