Austrian property tycoon's Signa files for insolvency

(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).