(ANSA-AFP) - VIENNA, NOV 29 - Rene Benko's real estate giant
Signa -- whose vast portfolio includes New York's iconic
Chrysler building -- on Wednesday initiated 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. The company said it would file for court
protection as it undergoes restructuring. "Despite considerable
efforts in recent weeks, the necessary liquidity for an
out-of-court restructuring could not be sufficiently secured, so
Signa Holding GmbH is applying for restructuring proceedings
with self-administration," the company said in a statement. The
Vienna commercial court confirmed opening the case. (ANSA-AFP).
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