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...Creditors of one of the main companies in René Benko’s Signa Group have alleged it fell into insolvency because of “illicit” financial transactions, not a downturn in the European property market....
...of which has been seen by the Financial Times....
...Groups representing more than two dozen international lenders — including insurers, banks and bondholders — with claims totalling more than €3bn told the Financial Times that Signa properties worth hundreds...
...The Financial Times spoke with Signa creditors and advisers to the group and reviewed three years of internal accounts, shareholder presentations, and its non-public insolvency filings for Signa Development...
...Munich Re’s main insurance business Ergo provided about €700mn in loans, while Germany’s fourth largest insurance group R+V lent €500mn, more than half of which is not collateralised, according to the documents...
...Retirees are typically among the firms’ largest creditors but do not have a vote on the sale of the firm....
...off financial collapse....
...He and US billionaire Wes Edens, co-founder of Fortress Investment Group, acquired a 55 per cent stake in the club for £30mn in 2018, rescuing it from financial crisis....
...One lawyer involved compared it to the long-running saga concerning Argentine government creditors who were eventually paid out $9.3bn in 2016 in the “sovereign debt trial of the century”....
...Both Signa Prime and Signa Development will pay creditors over the next two to five years. The two companies are only part of the Signa Group....
...The Financial Times reported in February that one large group of creditors to Signa has filed another complaint that raised questions over hundreds of millions of euros of alleged “improper” transfers out...
...Last month a large group of creditors alleged criminal behaviour at the company in a complaint to Austria’s anti-fraud prosecutor....
...In January the FT reported on huge unexplained flows of money between Signa-group entities and Benko’s Austrian foundations, which had raised alarm bells for creditors as they gained information of the group...
...Presenting his findings to creditors, Stapf said he intended to dispute almost all of the debts, according to a readout of the meeting seen by the Financial Times....
...the Financial Times show....
...He accused AARC of causing “damage” and weakening Ted Baker’s financial position. AARC could not be immediately contacted for comment....
...For that reason, it can often spark another situation with a slightly less fancy moniker: “creditor-on-creditor violence”....
...Signa Holding was the ultimate parent company in a web of more than 1,000 corporate entities, which together are estimated by analysts to owe in excess of €13bn to creditors....
...Many creditors and minority shareholders of the privately controlled group have privately raised significant concerns in recent days over the way Benko — still the largest shareholder — ran its financial...
...He asked for creditors and shareholders from across the group to unite under a single “group-wide steering committee” as the only viable way to fairly unwind its operations....
...Neumann has held conversations with some of WeWork’s creditors, a group that includes King Street Capital, Brigade Capital and BlackRock, but it has been unclear if any are willing to go along with his plans...
...Dozens of lenders to Signa across Europe are scrambling to assess the potential financial damage if the group collapses....
...But overexpansion and a post-pandemic contraction in its market have left it desperate for cash to pay off creditors....
...Signa Holding’s liabilities doubled over the past year, to €5bn, the FT reported on Monday, as Benko sought to stave off financial collapse....
...The Financial Times has simplified the Signa Group’s structure of more than 1000 corporate entities to illustrate the challenges now facing lenders and investors....
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