Court sanctions Homburg Invest's plans of compromise and reorganization
07 Jun, 2013, 06:00 ET
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
MONTREAL, June 7, 2013 /CNW Telbec/ - Homburg Invest Inc. ("Homburg Invest" or the "Company") announced today that the Superior Court of Québec (Commercial Division) (the "Court") has issued a sanction order (the "Sanction Order") approving the third joint amended and restated plan of compromise and reorganization relating to Homburg Invest and Homburg Shareco Inc. (the "HII/Shareco Plan") and the restated plan of compromise of Homburg Realty Fund (61) Limited Partnership ("Homco 61") (the "Homco 61 Plan" and, together with the HII/Shareco Plan, the "Plans") pursuant to the Companies' Creditors Arrangement Act (Canada) ("CCAA").
Homburg Invest expects to implement the Plans following the satisfaction of all conditions precedent to the Plans, including receipt of all required regulatory approvals.
Samson Bélair/Deloitte & Touche Inc., in its capacity as the Court-appointed monitor (the "Monitor"), reported that following the meetings of creditors held on May 30, 2013, the Plans were approved as follows:
|(a)||99.8% in number representing 90.1% in value of the affected creditors of Homburg Invest voting in person or by proxy voted in favour of the resolution approving the HII/Shareco Plan;|
|(b)||100% in number and value of the affected creditors of Homco 61 voting in person or by proxy voted in favour of the resolution approving the Homco 61 Plan; and|
|(c)||49.1% in number representing 44.3% in value of the affected creditors of Homburg Invest voting in person or by proxy, and 48% in number representing 44.5% in value of the affected creditors of Homco 61 voting in person or by proxy elected to receive a cash payment from The Catalyst Capital Group Inc., on behalf of Catalyst Fund Limited Partnership II and Catalyst Fund Limited Partnership III, instead of shares of a new corporate entity that they would otherwise be entitled to receive under the Plans.|
Jan Schöningh, President and CEO of Homburg Invest, commented: "After 21 months of hard work by the Company, the Monitor and their respective advisors, it is gratifying that such significant number of creditors voted in favour of the Plans. We would like to thank our creditors once again for their patience and their support. We will now focus on implementing the Plans as efficiently as possible."
More information about Homburg Invest's CCAA restructuring process can be found on the website of the Monitor 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 "expects" 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
Tel.: (514) 843-2313
Cohn & Wolfe
Tel.: 0031 (0)20 6768666
Share this article