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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Mohari Hospitality Ltd is in exclusive talks to purchase Venice’s five-star Hotel Bauer, beating other bidders including billionaire Bernard Arnault, Bloomberg News reported. Mohari is offering to buy the property, located on the Grand Canal, for €309 million ($335 million). Established by former PokerStars co-founder Mark Scheinberg, the company focuses on luxury properties and its existing European investments include the five-star Four Seasons hotel in Madrid.
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Austrian real estate developer Imfarr Beteiligungs GmbH filed for insolvency in a Vienna court on Tuesday, citing higher financing costs and a drop in demand for office spaces, Bloomberg News reported. Imfarr, which invests in commercial properties in Germany and Austria, said it failed to complete construction projects and sales transactions after the “unexpectedly rapid rise in interest rates,” according to a statement from Austrian creditor’s association KSV1870. “Demand for office real estate in Germany came to a complete standstill,” the filing said.
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The Alpenländische Kreditorenverband or Alpine Creditors' Association (AKV Europa) recently reported that 2,098 corporate insolvencies were opened in the first half of 2024, according to Vindobona.org. This represents an increase of 35.35% compared to the previous year and is the highest figure in 15 years. The AKV Europa said that the total liabilities of insolvent companies rose to 11.5 billion euros, which corresponds to a nine-fold increase compared to the same period last year.
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An Austrian court has thrown a wrench in attempts to restructure Signa Prime Selection AG, saying a creditor-backed plan to sell property held by Rene Benko’s flagship unit was “obviously not feasible,” Bloomberg News reported. The Vienna Higher Regional Court’s decision — which can be appealed — overruled an earlier approval of the plan, which envisions a protracted wind-down of the company under the supervision of a trustee.
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Austrian prosecutors raided the home of Signa founder Rene Benko and his insolvent company’s headquarters as part of a fraud investigation, Bloomberg News reported. A lawyer for Benko confirmed the search of the residence on Tuesday and said his client was cooperating with authorities. “A search is currently being carried out on site in order to seize any documents relating to the allegations that have already been reported,” Norbert Wess said by email, referring to suspicions in the wake of Signa’s collapse. A spokesperson for the company declined to comment.
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Fisker's Austrian unit filed for bankruptcy protection on Tuesday as the cash-strapped EV startup looks for strategic options after talks with a major automaker for a potential investment collapsed, Reuters reported. The unit, Fisker GmbH, said other divisions are not included in the restructuring process and will continue to operate normally. Fisker has been under pressure since it warned of going concern in February. It faces stiff competition and subdued customer spending in the wake of a tough economy.
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