Homburg Invest successfully implements restructuring plan

Transfer of assets to Geneba Properties N.V. completed

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

MONTREAL, March 27, 2014 /CNW Telbec/ - Homburg Invest Inc. ("Homburg Invest" or the "Company") today announced the successful implementation of the Fourth Amended and Restated Plan of Compromise and Reorganization of Homburg Invest Inc. and Homburg Shareco Inc. as well as the Restated Plan of Compromise of Homco (61) Realty Fund Limited Partnership ("Homco 61") (together, the "Plans") under the Canadian Companies' Creditors Arrangement Act (the "CCAA").

The Plans have been implemented in accordance with their terms and conditions and pursuant to the orders of the Superior Court of Québec sanctioning the Plans. Homburg Invest's core assets have been transferred to Geneba Properties N.V. ("Geneba"), a closed-end property investment company without a separate manager (beleggingsmaatschappij zonder aparte beheerder), which was granted a licence under the Dutch rules implementing the European Alternative Investment Fund Managers Directive and operates under supervision of the Autoriteit Financiële Markten and the Dutch Central Bank. More information about Geneba can be found on Geneba's website at http://www.geneba.com.

"We are very pleased to be able to announce the implementation of the Plans. It is gratifying to be able to deliver to creditors what they have been promised as a long and complex restructuring process draws to a close," said Jan Schöningh, the Company's Chief Executive Officer.

Depositary receipts representing shares in the capital of Geneba have been admitted to trading on NPEX, an alternative trading platform in the Netherlands. Homburg Invest currently expects that the depositary receipts will be credited to their holders' accounts with NPEX within the next two weeks. Such deposit will be coordinated by Samson Bélair/Deloitte & Touche Inc., the court-appointed monitor (the "Monitor") in connection with the Plans, together with NPEX. No trading in these depositary receipts will be possible for the first ninety (90) days following the initial distribution of the depositary receipts, as provided under the Plans.

The Plans also contemplate distributions to certain affected creditors of Homburg Invest and Homco 61 of cash pools consisting of cash-on-hand and proceeds resulting from the disposition or realization of certain non-core assets of Homburg Invest. The Monitor will be responsible for making such distributions, subject to receipt of any required governmental authorizations. More information regarding these distributions will be made available on the Monitor's website at http://www.deloitte.com/ca/homburg-invest.

Homburg Invest will apply to cease to be a reporting issuer in each of the provinces and territories of Canada. Should such relief be granted by the applicable Canadian securities regulators, Homburg Invest will cease to be a reporting issuer or the equivalent in any jurisdiction in Canada. In connection with the implementation of the Plans, the Company has been amalgamated with certain related entities and the amalgamated entity has been renamed 1810040 Alberta Ltd.

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.

SOURCE: Homburg Invest

Media:  

Canada
Caroline Martel
NATIONAL Public Relations
Tel.: [phone]
[email protected]

Netherlands
Heleen Jansen
Cohn & Wolfe
Tel.: [phone]
[email protected]