Homburg Invest receives court OK to launch investment proposal process

By Caroline Salls

Pittsburgh, March 4 - Homburg Invest Inc. received approval from the Superior Court of Quebec (Commercial Division) to begin an investment proposal process for the company and its subsidiaries, according to a news release.

A notice of initiation of the process and a copy of the terms and conditions will be sent to parties who have expressed an interest in the Homburg Invest group's assets or business since the filing of its Companies' Creditors Arrangement Act case.

Homburg said its monitor will also provide the terms and conditions to any parties that express an interest by written notice in the group's assets or business.

According to the release, Catalyst Capital Group Inc., on behalf of funds it manages, has withdrawn proceedings instituted in Amsterdam against Homburg Invest mortgage and corporate bond trustee Stichting Homburg Bonds as well as a related motion filed with the court.

The company said Catalyst has also indicated that it will consider participating in the investment proposal process.

In addition, the court extended Homburg Invest's CCAA protection until April 26.

As previously reported, the listing of Homburg Invest on NYSE Euronext Amsterdam will be terminated as of March 13.

The company said the delisting of its class A shares will not affect the position of its creditors, including its bondholders.

Based in Halifax, N.S., Homburg owns a portfolio of real estate, including office, retail, industrial and residential apartment and townhouse properties in Canada, the United States and Europe.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.