Information regarding Ruric's reorganisation process
(Thomson Reuters ONE) - The reorganising process is processing satisfactorily and accordingto plan. As a direct consequence of the reorganisation process, Rurichas been informed by ÿhman Fondkommission as being the agent for thebonds, that the current terms of the bond loans are no longer validand have thus fallen due.-This action was expected and does not affect the reorganisationprocess. Ruric may not, according to Swedish law, pay any liabilitiesfrom the time before initiating the reorganisation anyway. Thequestion of what terms and conditions that will prevail in the futureis part of the reorganisation process, Craig Anderson, CEO of Ruricsays.A communiqué has been sent to all known creditors announcing aforthcoming meeting to be held on 30 November at the District Courtof Stockholm. At this meeting the District Court will determine ifthe reorganisation shall continue. Creditors that do not attend willnot lose their rights.The Ruric share has been transferred to the observation list at thestock exchange as per 10 November. This does not affect thepossibility to trade in the share of the company. The transfer is amere mark that there is a higher uncertainty connected with thecompany, which is why the stock exchange want to highlight this factfor potential investors.The Board of Directors resolved on 9 November to apply forreorganisation at the District Court of Stockholm. The company willcontinue its operations as normal and will together with theappointed administrator put forward a proposal for reorganisation andfinancing of the company. The reorganisation proposal will contain anew offer to the bond holders and will probably be combined with anissue of shares with preferential rights for existing shareholders.Also, the proposal may contain the possibility of sale of assets.Russian Real Estate Investment Company AB (publ)For further informationCraig Anderson, CEOPhone +7 812 703 35 50e-mail craig(at)ruric.comABOUT RURICRuric's business concept is to acquire, develop, manage, lease outand divest real estate assets in St. Petersburg, Russia, offeringtop-quality commercial premises in the best locations, thuscontributing to the successful business performance of its tenants.The company's vision is to become a leading real estate company incentral St. Petersburg.The company's strategy is to identify high-potential real estate inthe city centre of St. Petersburg, structure appropriate deals andacquire at best price. After renovation top-notch commercial space isoffered to tenants seeking the best possible premises and that arewilling to pay for such premises.Ruric's Certified Advisor on First North is Erik PenserBankaktiebolaghttp://hugin.info/141656/R/1355752/329220.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 18.11.2009 - 08:31 Uhr
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