Homburg Invest provides update on restructuring process and announces extension of stay period
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MONTREAL, Feb. 10, 2014 /CNW Telbec/ - Homburg Invest Inc. ("Homburg Invest" or the "Company") provided today 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 March 11, 2014.
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, Geneba filed its initial license application in July 2013. On February 7, 2014, Homburg Invest and Geneba received additional questions from the AFM relating to Geneba's licence application. A response to what the AFM considers its final questions will be submitted shortly. As of the date hereof, all supporting documents regarding Geneba's license application have been provided to the AFM by Homburg Invest, Geneba, the Monitor and their respective advisors.
The AFM has yet to issue a license under the European Alternative Investment Fund Managers Directive and regulations which supplement the AIFMD, which were implemented into national law in the Netherlands on July 22, 2013.
Based on their conversations with the AFM, the Company, the Monitor and Geneba expect that a licence should be granted by the AFM in the coming weeks.
Extension of stay period
It is currently expected that the implementation date of the Plan will occur in early March of 2014. The vast majority of documents required to implement the Plans 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