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MONTREAL, March 3, 2013 /CNW Telbec/ - Homburg Invest Inc. (NYSE
Euronext Amsterdam: HII) ("Homburg Invest" or the "Company") announced
today that it has obtained an order (the "Order") from the Superior
Court of Québec (Commercial Division) (the "Court") under the Canadian Companies' Creditors Arrangement Act ("CCAA") further extending the CCAA protection granted to Homburg
Invest and certain of its affiliates on September 9, 2011, as amended,
until April 26, 2013.
Initiation of an investment proposal process
Homburg Invest also announced the approval by the Court of the
initiation of an investment proposal process (the "IPP") with respect
to Homburg Invest and its subsidiaries (the "HII Group").
Further to the Order, a notice of initiation of the IPP and a copy of
the terms and conditions for the IPP (the "Terms and Conditions") will
be sent to those parties who have expressed an interest in the HII
Group's assets or business since the filing of the CCAA proceedings.
The Monitor will also provide the Terms and Conditions to any interested
parties who, by written notice, express an interest in the HII Group's
assets or business.
The timing and procedures governing the investment proposal process, the
terms of participation by prospective strategic or financial investors,
and the criteria for the submission, evaluation and selection of bids
are set out in the Order. The Monitor will supervise the IPP in
accordance with the terms of the Order. For further information, please
refer to the Monitor's website at http://www.deloitte.com/ca/homburg-invest.
There can be no assurance that the IPP will lead to a transaction
different from that contemplated by the Plan, or as to the terms of any
More information about the HII Group's restructuring process can be
found on the Monitor's website at http://www.deloitte.com/ca/homburg-invest.
Withdrawal of Proceedings by The Catalyst Capital Group Inc.
The Catalyst Capital Group Inc., on behalf of funds managed by it
("Catalyst"), has withdrawn proceedings instituted by it in Amsterdam
against Stichting Homburg Bonds, the trustee for the mortgage and
corporate bonds of Homburg Invest, as well as a motion filed with the
Court. Catalyst has also indicated that it will consider participating
in the IPP.
Delisting from the NYSE Euronext Amsterdam
As previously announced, the listing of Homburg Invest on NYSE Euronext
Amsterdam will be terminated as of March 13, 2013. The delisting of
Homburg Invest's Class A Shares will not affect the position of the
creditors of Homburg Invest (including the bondholders).
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
"may", "will", "expect" or "intends" 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, general economic and market factors,
actual timing of discussions with parties interested in making a
proposal in connection with the restructuring process, 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. 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
SOURCE: Homburg Invest
For further information:
NATIONAL Public Relations
Cohn & Wolfe
Tel 0031 (0)20 6768666