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International Business Times
International Business Times
Sport
Julia ZAPPEI

Austrian Property Tycoon's Signa To File For Insolvency

Signa Rene Benko Austria Chrysler New York
The Chrysler Building in New York City is one of the properties in the portfolio of Austria's real estate giant Signa, which is seeking court protection to restructure its operations (Credit: AFP)

Rene Benko's real estate giant Signa -- whose vast portfolio includes New York's iconic Chrysler building -- on Wednesday announced it would initiate insolvency proceedings, marking the spectacular downfall of the self-made Austrian tycoon.

Benko -- one of Austria's richest men -- founded Signa in 2000 and has grown it into a property and retail conglomerate.

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