Creditors of Homburg Invest approve plans of compromise and reorganization
03 Jun, 2013, 08:15 ET
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
MONTREAL, June 3, 2013 /CNW Telbec/ - Homburg Invest Inc. ("Homburg Invest" or the "Company") announced today that affected creditors of Homburg Invest and Homburg Shareco Inc. ("Shareco") have approved the second joint amended and restated plan of compromise and reorganization (the "HII/Shareco Plan") relating to Homburg Invest and Shareco pursuant to the Companies' Creditors Arrangement Act (Canada) ("CCAA"). The affected creditors of Homburg Realty Fund (61) Limited Partnership ("Homco 61") have also approved the plan of compromise of Homco 61 (the "Homco 61 Plan" and, together with the HII/Shareco Plan, the "Plans").
Homburg Invest is scheduled to seek approval of the Plans through sanction and vesting orders of the Superior Court of Québec (Commercial Division) (the "Court") on June 5, 2013. Should the Court approve the Plans, Homburg Invest will proceed with the implementation of the Plans following the satisfaction of all conditions precedent to the Plans, including receipt of all required regulatory approvals.
Each of the Plans was approved by a majority of affected creditors, holding more than two thirds in value of the proven voting claims, voting in person or by proxy at the meeting of creditors, as required by the CCAA. The final voting results will be reported in the Monitor's report to the Court in relation to the sanction of the Plans.
A copy of the Plans, as well as 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 "will", "scheduled to" 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
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