Homburg Invest provides update on restructuring process and announces extension of stay period
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MONTREAL, Jan. 21, 2014 /CNW Telbec/ - Homburg Invest Inc. ("Homburg Invest" or the "Company") today provided an update to its creditors on the Company's restructuring process under the Canadian Companies' Creditors Arrangement Act ("CCAA"), including the revised timing and additional information regarding the implementation of the Third Amended and Restated Plan of Compromise and Reorganization of Homburg Invest Inc. and Homburg Shareco Inc. (the "Plan"). The Company has obtained an order (the "Order") from the Superior Court of Québec (Commercial Division) (the "Court") under the CCAA further extending the CCAA protection granted to Homburg Invest and certain of its affiliates until February 7, 2014.
As disclosed in greater detail in the Plan, there are numerous conditions precedent to implementation of the Plan. The principal remaining condition is the issuance of a licence by the Dutch securities regulator, the Autoriteit Financiële Markten (the "AFM"). Homburg Invest, Geneba Properties N.V. ("Geneba") and the Monitor have been in regular contact with representatives of the AFM regarding Geneba's application for a licence as a property investment company in the Netherlands.
As previously disclosed, the AFM requested further clarification on certain issues it had previously raised. Homburg Invest, Geneba, the Monitor and their respective advisors provided the required information to the AFM on January 13, 2014. As of the date hereof, all outstanding questions have been answered and all supporting documents have been provided to the AFM.
In light of their most recent exchanges with the AFM, the Company, the Monitor and Geneba are hopeful that a licence will be granted by the AFM in early 2014.
Extension of stay period
It is currently expected that the implementation date of the Plan will occur around early February of 2014. The vast majority of documents required to implement the Plan are in final form. Although the Company is taking all steps to complete all conditions precedent as quickly as possible, there can be no assurance that the implementation of the Plan will not be further delayed.
More information about the CCAA restructuring process can be found on the Company's website at http://www.homburginvest.com/ as well as on the Monitor's website at http://www.deloitte.com/ca/homburg-invest.
About Homburg Invest
Homburg Invest owns a diversified portfolio of commercial real estate including office, retail, industrial and development properties throughout Canada, Europe and the United States.
This press release contains forward-looking information within the meaning of Canadian securities legislation. Forward-looking information or statements can be identified by use of forward-looking words such as "will", "expected" or the negative thereof or similar variations. The actual outcome of the events described using these statements could differ materially from that expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, the outcome of the ongoing restructuring process, delays in the CCAA proceedings, general economic and market factors, changes in government regulation and the factors described from time to time in the documents filed by Homburg Invest with the securities regulatory authorities in Canada including, in particular, the information circular sent by Homburg Invest to its creditors, a copy of which is also available on SEDAR at www.sedar.com. This cautionary statement qualifies all forward-looking statements attributable to Homburg Invest and persons acting on its behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release and Homburg Invest disclaims any obligation to update such statements.
SOURCE Homburg InvestFor further information:
NATIONAL Public Relations
Cohn & Wolfe
Tel 0031 (0)20 6768666