US adventure over

Signa liquidator sold Chrysler Building

Benko's Signa bought the Chrysler Building in 2019.(Bild: Krone KREATIV/APA, AFP)

Christof Stapf, the administrator of Signa Holding, has now also ended the US adventure of the financially ailing core company - the world-famous Chrysler Building has been sold. For five million euros. In addition, the buyers withdrew bankruptcy claims of over 50 million.

While René Benko is in custody in the Vienna-Josefstadt prison, the trustees of the Signa Group are proceeding with the remaining liquidation. The aim is to satisfy creditor claims in the billions.

The Signa Holding insolvency administrator has now sold the Chrysler Building, as can be seen from his fourth report to the commercial court. The architectural jewel, acquired by Benko's Signa and a US partner in 2019 for 151 million dollars, was sold for five million euros. In addition, the buyers, Benko's former partners Aby Rosen and Michael Fuchs (RFR), withdrew bankruptcy claims for 50 million euros. According to real estate insiders, the complex transaction was already wrapped up a few weeks ago.

Big words
In 2019, the Chrysler Building was supposed to symbolize the international expansion policy of the opaque Signa Group. Benko managers spoke full-bodiedly of wanting to conquer the US market. However, even before the group collapsed at the end of 2023, there were considerable letting problems: a large part of the listed building was vacant and the refurbishment proved to be complex. This was also because Signa had only acquired the building, but not the land on which the skyscraper had stood since the 1930s. The land belongs to the private university Cooper Union. Most recently, they were in dispute.

The 318-metre Chrysler Building is one of the most iconic buildings on the New York skyline.(Bild: AP/RICHARD DREW)

High lease
Cooper Union had increased the lease for the property from 20.1 million dollars in 2018 to 32.5 million dollars for each of the years 2019 to 2027. In 2028, as much as 41 million dollars would then be due.

Even after the sale of the Chrysler Building, Signa Holding's trustee Stapf has enough to do. According to a 400-page report by Deloitte Financial, Signa Holding was insolvent from November 30, 2022 at the latest, one year before the official opening of insolvency proceedings - a fact that is highly relevant for the assessment of avoidance claims, for example.

Creditors claim 7.7 billion
By the end of February, 442 claims totaling 7.712 billion euros had been filed with the insolvency court. Of these, 2.163 billion euros have been recognized to date. In addition, avoidance claims of 300 million euros have been filed. These relate to advisory boards, consultants, auditors and foundations associated with Signa. However, the pursuit of claims is far from complete. So far, around three million euros have been collected by way of settlement.