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The Signa real estate empire collapsed like a house of cards. The group, consisting of Austrian entrepreneur and investor René Benko (46), filed for bankruptcy at the end of November. The actual size of the bankrupt company’s debt mountain has gained new dimensions in recent months and now exceeds 14 billion euros.
Austrian news portal oe24.at published a comprehensive list of creditors. Various lenders from Switzerland and their loan volumes are also listed here.
More than 200 million francs were invested in Migros
Signa Group has a debt of 606 million francs at Bank Julius Baer, headquartered in Zurich. The bank announced in November that a 70 million franc value adjustment would be made to the loans. However, analysts at Zürcher Kantonalbank revised Julius Baer’s loan loss expectations to 400 million francs in December. According to the justification, there is no direct recourse to assets in “private debt”.
Migros is also on the list with its large loan volume. Accordingly, Signa owes 101.3 million euros to Migros Bank and 129.3 million euros to the Migros Cooperative Union. Converted at the current exchange rate, this totals 215.7 million francs.
This may be an interest-bearing loan that Signa is said to have received from Migros as part of its acquisition of Globus in 2020. At that time, Migros sold half of Globus to Signa and half to Thai Central Group.
Many cantonal banks provided loans
Various cantonal banks also gave large loans to Signa Group. The Cantonal Bank of Grisons is on the list with 60.8 million euros, equivalent to 56.9 million francs. At Obwaldner Kantonalbank, the figure is 25.3 million euros or 23.7 million francs. Signa owes the same amount to Valais Cantonal Bank.
Aargauer Kantonalbank, which gave Signa a 73 million franc loan for the acquisition of Globus Group, is not on the list, as the bank announced in its statement a week ago. According to AKB, mortgages are secured by mortgage bonds on real estate. According to the list, Zürcher Kantonalbank has loans worth over 11 million euros, or around 10.3 million francs.
Private bank IHAG, another financial institution in Zurich, provided loans worth 30 million euros, or about 28 million francs at current exchange rates. Zurich Insurance Group also got involved with 1.8 million euros, or just under 1.7 million francs.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
