European commercial property giant Signa 'running out of cash'

Signa, which is an owner of New York's Chrysler Building, has halted construction at six sites in Germany as interest rates bite

Signa, which is an owner of New York's Chrysler Building as well as scores of high-profile projects and department stores across Germany, Austria and Switzerland, is controlled by Austrian magnate Rene Benko. 

Austrian commercial property group Signa could see more of its units file for insolvency as soon as this week as the property empire is running out of cash, people with direct knowledge of the matter have said. 

The group, controlled by an Austrian magnate but whose business is anchored in Germany, held talks with Elliott Investment Management to try to raise funds, according to one of the sources. Signa, which is an owner of New York's Chrysler Building as well as scores of high-profile projects and department stores across Germany, Austria and Switzerland, is controlled by Austrian magnate Rene Benko.