Homburg Invest achieves important milestone in its restructuring
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
MONTREAL, Feb. 6, 2013 /CNW Telbec/ - Homburg Invest Inc. (NYSE Euronext Amsterdam: HII) ("Homburg Invest" or the "Company") announces that it filed today its Plan of Compromise and Reorganization with the Superior Court, pursuant to the Canadian Companies' Creditors Arrangement Act ("CCAA"). Today, the Court issued an order further extending the CCAA protection granted to Homburg Invest and certain of its affiliates until February 28, 2013 at which time the Company intends to seek an order from the Court authorizing the mailing of all relevant information in connection with the Plan to the creditors and the calling of the meeting of the creditors to vote on the Plan.
Creditors should refer to the latest Monitor's report which includes the current estimated range of recoveries for the creditors under the Plan.
The Company also announces that it has reached a settlement with the Cominar REIT group in respect of all outstanding claims and matters relating to the Company and its affiliates. The settlement also includes the sale of the property held by the Company's subsidiary, CP Development Ltd., to an affiliate of Cominar REIT.
In addition, Homco Realty Fund (61) Limited Partnership and Castello Development Ltd, subsidiaries of the Company, are now also under the protection of the CCAA.
About the CCAA Process
The CCAA process is carried out under the supervision of the Superior Court, which appointed Samson Bélair / Deloitte & Touche Inc. as independent monitor to oversee proceedings (the "Monitor"). The Monitor provides oversight of Homburg Invest's business and assists the Company in preparing its restructuring plan.
All Courts applications and orders as well as a copy of the Monitor's reports are posted by the Monitor on its website at the following address: http://www.deloitte.com/ca/homburg-invest. The Monitor's contact information is also available on its website.
Additional information about the CCAA process can be found at the website www.homburginvest.com. There is also a toll-free information line that Dutch bondholders may call to receive additional information about the CCAA process. The toll-free number for this information line is: 0800 023 0323.
About Homburg Invest
Homburg Invest Inc. owns a diversified portfolio of commercial real estate including office, retail, industrial and development properties throughout Canada, Europe and the United States.
SOURCE: HOMBURG INVESTFor further information:
NATIONAL Public Relations
Cohn & Wolfe
Tel 0031 (0)20 6768666