Homburg Invest terminates discussions with Catalyst Capital Group Inc. and announces filing of amended restructuring plan and meeting materials
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
MONTREAL, April 25, 2013 /CNW Telbec/ - Homburg Invest Inc. ("Homburg Invest") announced today that it has terminated the support agreement entered into with The Catalyst Capital Group Inc., on behalf of funds managed by it ("Catalyst"), and its previously announced investment proposal process.
As announced on April 16, 2013, the support agreement provided that Homburg Invest and Catalyst would work together to complete the final documentation necessary to implement its provisions, including amendments to the Plans of Compromise and Reorganization (the "Plan") filed with the Superior Court of Québec (Commercial Division) (the "Court") on February 6, 2013 relating to Homburg Invest's restructuring.
The parties were unable to reach agreement regarding the substance of the amendments to the Plans and the related documents. Homburg Invest also notified Catalyst that certain conditions of the support agreement had not been met.
Homburg Invest therefore determined, after consultation with Samson Bélair/Deloitte & Touche Inc., in its capacity as Court-appointed monitor (the "Monitor") in the proceedings under the Companies Creditors' Arrangement Act ("CCAA") proceedings, and with the Monitor's support and the support of Stichting Homburg Bonds, Homburg Invest's largest creditor group, that it would be in the best interests of creditors to respect Homburg Invest's original timeline for filing the amended Plans and related documents with the Court, as set forth in the support agreement. Homburg Invest therefore intends to file the amended Plan and a motion asking the Court to set a date for the meetings and authorizing Homburg Invest to submit the amended Plans and related documents to its creditors on Friday, April 26. This motion and the materials in support of it, including the amended Plans, have been served to the parties to the CCAA proceedings and other interested parties today.
Homburg Invest continues to expect that the creditors will be called upon to vote on the amended Plan in May, as originally scheduled.
More information about the Homburg Invest's restructuring process can be found 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.
Forward-Looking Statements
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", "believe", "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, 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. 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
Media:
Canada
Caroline Martel
NATIONAL Public Relations
(514) 843-2313
[email protected]
Netherlands
Heleen Jansen
Cohn & Wolfe
Tel 0031 (0)20 6768666
[email protected]
Share this article