Helaba and other German lenders have paid millions of euros in recent weeks to settle claims by the administrator of former real estate tycoon René Benko’s Signa Prime Selection AG.
Helaba paid €26 million at the end of May as part of an out-of court settlement, Signa Prime’s insolvency administrator said in a report to creditors dated Monday. Other payments include €3 million received from Deutsche Pfandbriefbank AG and €2.1 million from Bayerische Landesbank.
The settlements are a result of efforts to reclaim as much as €456 million in payments made in the run-up to Signa Prime’s insolvency in late 2023, and related damages.
Signa Prime, once one of Europe’s largest luxury landlords, collapsed when rising debt costs and a slump in European commercial property prices ended a decade-long acquisition spree that included stakes in London’s Selfridges department store and the Hotel Bauer in Venice.
Its Austrian founder, René Benko, is in pre-trial detention as part of investigations into fraud and fraudulent bankruptcy. He has denied wrongdoing.
In total, Signa Prime’s administrator has reached settlements worth €65 million. It’s demanding a further €200 million via multiple court cases, including €24 million from Hamburg Commercial Bank.
Spokespeople for Signa Prime, Helaba, PBB and Bayern LB declined to comment. Hamburg Commercial didn’t immediately respond to a request for comment.
Creditors face hefty losses from the largest corporate bankruptcy in Austria’s history. After paying off senior creditors and a €50 million restructuring loan issued by turnaround specialist Attestor Ltd., the administrator has so far been able to secure €26.8 million to compensate creditors. That compares with almost €5 billion of confirmed claims.
(With additional reporting from Stephan Kahl)
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