VIENNA, Dec 19 Reuters Insolvent European property company Signa is holding talks to potentially sell its stake in New York39;s Chrysler Building and is shedding its private jet, its administrator said on Tuesday, a significant development in the salvaging of founder Rene Benko39;s real estate empire.

The efforts, announced to Signa39;s creditors in Vienna, mark a first update by the courtappointed insolvency administrator on plans for Signa, the biggest casualty so far of Europe39;s property crisis.

A liquidation plan has been initiated for the accelerated sale of investments and assets, the administrator, Christof Stapf, said in statement.

The holding company of Signa a group of some 1,000 companies, with highprofile projects and department stores across Germany, Austria and Switzerland filed for insolvency last month with around 5 billion euros 5.48 billion in debt.

It was a dramatic stumble in the Austrian conglomerate39;s twodecade history that underscored the dimming prospects for the broader property sector after a surge in interest rates and construction costs.

In the weeks since, a string of Signa subsidiaries has followed suit with their own insolvency filings, and more are expected. Benko, one of Europe39;s most prominent property tycoons, was removed from a ranking by Forbes of the world39;s billionaires, and a top deputy was hastily fired.

In 2019, Signa and New Yorkbased real estate developer RFR Holding acquired the Chrysler Building, the artdeco…