/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
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 Invest
For further information:
NATIONAL Public Relations
Cohn & Wolfe
Tel 0031 (0)20 6768666