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Updated December 21st, 2023 at 17:11 IST
Signa Holding | Image:Reuters Photo
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Embattled European property company, Signa, has dissolved two top oversight bodies, including the group executive board that oversees strategy, as per media reports.
The other dissolved body is an advisory board that included Signa founder Rene Benko, a former Austrian chancellor, and prominent figures in German and Swiss business.
The holding company of Signa, a group of some 1,000 companies, with high-profile projects and department stores across Germany, Austria and Switzerland filed for insolvency last month with around 5 billion euros ($5.47 billion) in debt.
It is the biggest casualty so far of Europe’s property crisis.
This week, Signa creditors were told that the company was holding talks to potentially sell its stake in New York’s Chrysler Building and is shedding its private jet.
The person with knowledge of the matter said that the dissolution of the boards would save costs because members were paid. Signa’s executive board was founded in 2013 and members were responsible for strategy, acquisitions, compliance, corporate governance, and fundraising and banking management, according to Signa.
Signa did not immediately respond to a request for comment. Austrian broadcaster ORF first reported the development.
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