A bankruptcy trustee assumes responsibility for a company that owns real estate

Billionaire René Benko's holding company now wants to restructure itself through bankruptcy without self-management. Meanwhile, Signa partner Hans Peter Haselsteiner admitted the mistakes. But he wants to keep investing.

I amIn the restructuring case of bankrupt real estate and trading group Cigna, there is a power shift. Instead of self-governance, there is now a practice of non-self-governance. This means that restructuring manager Christof Stapf takes over. On November 29, 2023, the holding company still relied on self-management.

With this change, it is the lenders who are affected. In a self-managed practice, they should be given at least 30 percent quota; In a non-self-administered restorative procedure, they must provide at least 20 percent of the claims to be served as part of the procedure. According to the bankruptcy filing, the holding's liabilities are 5.26 billion euros, of which only about 252 million have been secured. Allocation to creditors will ultimately depend on the negotiations of the restructuring plan.