Netherlands Authority for Financial Markets Revokes Homburg Invest Licence
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MONTREAL, Nov. 24, 2011 /CNW Telbec/ - Homburg Invest Inc. (NYSE Euronext Amsterdam: HII) ("Homburg Invest" or the "Company") announced today that the Netherlands Authority for Financial Markets ("AFM") has revoked Homburg Invest's licence to operate as a financial institution in the Netherlands.
Without its licence, Homburg Invest will not be authorized to issue new equity in the Netherlands. Formal written submissions were made to the AFM prior to the announcement of its decision, requesting that it reconsider its intention to revoke Homburg Invest's licence. The Company emphasized that maintaining its licence would allow it to consider the widest number of potential alternatives for creditors, including bondholders, as part of its restructuring process. The independent monitor appointed by a Canadian court to oversee the restructuring of Homburg Invest under the Canadian Companies' Creditors Arrangement Act ("CCAA") supported Homburg Invest's initiatives in this regard.
"Homburg Invest strongly believes that the AFM's decision is premature in the current restructuring context. Regrettably, this decision may limit Homburg Invest's options under the CCAA process. The AFM's decision effectively deprives bondholders of the option to consider all restructuring alternatives that would otherwise be available. The Company is currently evaluating all legal options and intends to take all necessary steps to vigorously contest the AFM's decision," said Jan Schöningh, President and Chief Executive Officer.
About Homburg Invest
Homburg Invest 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 CANMARC Real Estate Investment Trust.
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