The crucial hours and days have begun for Tyrolean real estate entrepreneur Rene Benko’s struggling Signa Holding company. It all boils down to the fact that there will likely be a bankruptcy filing for the entire Signa group today “with a 99 percent probability,” Gerrit Heinemann, a trade expert at Niederrhein University of Applied Sciences, said in an interview with ZIB2.
Economist Heinemann talks about Cigna Holdings’ scenarios
Gerrit Heinemann, professor of economics at the University of Niederrhein (North Rhine-Westphalia), expects there to be a 99 percent chance that the entire Cigna group will file for bankruptcy on Tuesday.
“Last Chance” for Banco
According to Spiegel and News magazine, Cigna is only now negotiating a financial injection with the US hedge fund Elliott. If a short-term lender is not found, the entire group could collapse, several people familiar with the process said. According to the report, this was Benko’s “last chance,” according to those close to him.
Signa has been rejected by other investors such as Mubadala Investment, the state investment company from Abu Dhabi, Saudi sovereign wealth fund PIF as well as asset manager Attestor Capital. A spokesman for Elliott declined to comment.
“Faz”: Cigna needs hundreds of millions of euros
As reported by the newspaper Frankfurter Allgemeine Zeitung (“FAZ”), the investor will have to contribute between 500 and 600 million euros at short notice, although the funds will only be partially secured. Interest rates will be correspondingly high: combined with additional fees, this can result in loan costs of more than 20 percent per year. Signa is also trying to sell properties or individual stocks.
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