From Fortune:

Rene Benko’s luxury property and retail empire files for insolvency in Austria. Signa Prime Selection and Signa Development Selection AG, two key property units, make filings for restructuring under self-administration. The group’s 23 billion euros in real estate assets include luxury hotels, malls, and Germany’s largest department-store chain. Construction costs and rising interest rates have forced Signa Prime to halt work on key development projects, leaving many unsecured creditors in a difficult position.



Read more: Rene Benko’s Signa Prime Selection files for insolvency