Shaky Future for Cigna Holdings: Bankrupt Real Estate Company Seeks to Sell Chrysler Building and Private Jets

Cigna Holdings, a bankrupt Austrian real estate company, announced on December 19 that it is in talks to sell the Chrysler Building in New York and private jets it owns. The photo was taken on the same day at a construction site in Vienna (2023 Reuters/Lisa Leutner)

[ウィーン １９日 ロイター] – Bankrupt Austrian real estate company Cigna Holdings is in talks to sell its Chrysler Building in New York and private jets. Cigna’s bankruptcy trustee made the announcement on the 19th.

Last month, Cigna applied to an Austrian court to start bankruptcy proceedings. The company has about 5 billion euros ($5.48 billion) in debt. The company has invested in long-established department stores in Germany and large-scale projects in Austria, Switzerland, and other countries, and there are concerns that its influence will spread. See more

“A liquidation plan is underway to speed up investment and asset sale procedures,” explained the bankruptcy trustee.

Cigna’s 20-year history of bankruptcy shows that rising interest rates and rising construction costs are affecting the entire real estate industry.

Cigna and New York real estate developer RFR Holdings bought the Chrysler Building in 2019. Cigna and RFR were equal as a joint venture.

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Covers German finance with a focus on large banks, insurance companies, regulation and financial crime, previous experience at the Wall Street Journal and New York Times in Europe and Asia.

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