European Property giant Signa files for bankruptcy in Austria 

The filing is a bitter blow for self-made mogul Rene Benko

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 tycoon Rene Benko’s Signa filed for insolvency after a last-ditch attempt to raise emergency funding failed, making the co-owner of New York’s Chrysler building one of the most prominent casualties of Europe’s property crisis.

The filing is a bitter blow for the self-made mogul, who was known to boast that only the British royal family and the Catholic church could rival his array of exclusive properties. With assets valued at €23bn at the end of last year, the collapse may become the largest real estate meltdown in Europe since the global financial crisis.