Tycoon Haselsteiner Pledges €25 Million to Signa Development (1)

Austrian tycoon Hans-Peter Haselsteiner said he is ready to contribute as much as €25 million ($27 million) to Signa group’s insolvent development unit to allow a more orderly restructuring.

The billionaire founder of the Strabag SE construction company, who is a 9.2% shareholder in Signa Development Selection AG, said the funds would allow the insolvency administrator and management to continue a disciplined restructuring.

“It’s about minimizing damages and not about bailing out the company,” he said in an interview with Austrian public broadcaster ORF late Wednesday. “I have said I am ready to contribute because as a shareholder ...