Homburg Invest Inc. to restructure under the Companies' Creditors Arrangement Act
(Thomson Reuters ONE) -
MONTREAL, September 9, 2011 - (TSX: HII.A & HII.B and NYSE Euronext Amsterdam:
HII) - Homburg Invest Inc. ("HII" or the "Company") announced today that it and
certain of its subsidiaries applied to the Court for protection under the
Companies' Creditors Arrangement Act ("CCAA").
Deloitte & Touche LLP is the proposed Court-appointed monitor that will oversee
the proceeding under the CCAA (the "Monitor"). Deloitte & Touche will
periodically post the applications to the Court as well as the orders issued by
the Court on its website.
HII is hopeful that the appointment of the Monitor will address the primary
concerns of the Netherlands Authority for the Financial Markets ("AFM"). In
addition to the duties and obligations of the Monitor as prescribed by law, HII
has requested that the Monitor be afforded certain additional powers that will
facilitate its ability to cooperate fully with the AFM, including the right of
the Monitor to communicate directly with the AFM with regard to any matters
concerning the HII group of companies.
"The purpose of the application is to allow us to restructure our activities in
an orderly fashion in the best long-term interests of the Company and all of its
stakeholders," said Hartmut Fromm, Chairman of the Board of HII. "The CCAA
application enables the Board of Directors and Management to take measures to
enhance the balance sheet of the Company."
The CCAA is a Canadian federal law allowing insolvent companies that owe their
creditors in excess of $5 million to restructure their business and financial
affairs. CCAA is not bankruptcy. The main purpose of the CCAA is to enable
financially distressed companies to avoid bankruptcy or foreclosure or seizure
of assets while maximizing returns for their creditors and preserving both jobs
and the company's value as a functioning business. CCAA proceedings are carried
out under the supervision of the Court.
Additional information, including how bondholders, creditors and shareholders in
the Netherlands and in Canada can contact the Company, will be available
shortly.
The Company's CCAA filing does not affect Homburg Canada Real Estate Investment
Trust, which is an independent entity and distinct from the Company and its
subsidiaries.
About Homburg Invest
Homburg Invest Inc. owns and develops a diversified portfolio of quality
commercial real estate including office, retail, industrial and development
properties throughout Europe and the United States, as well as an interest in
Homburg Canada Real Estate Investment Trust.
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For further information, please contact:
Caroline Martel
NATIONAL Public Relations (514) 843-2313
PDF version of the press release:
http://hugin.info/138798/R/1545498/473938.pdf
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Homburg Invest Inc. via Thomson Reuters ONE
[HUG#1545498]
Unternehmensinformation / Kurzprofil:
Datum: 09.09.2011 - 17:47 Uhr
Sprache: Deutsch
News-ID 64121
Anzahl Zeichen: 3696
contact information:
Town:
Halifax
Kategorie:
Business News
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