Plaza Centers announces Dutch court approval of restructuring plan

By Caroline Salls

Pittsburgh, July 10 – Plaza Centers NV’s Dutch restructuring plan was approved by a Dutch court, according to a company news release.

The plan was filed with the District Court of Amsterdam on May 27.

The court approval follows approval from 92% of Plaza Centers’ creditors.

As previously reported, approval of the plan defers the principal maturities of the company’s series A and series B bonds for at least 3.5 years and provides bondholders with significantly improved terms, including additional interest of 1˝%; 13.21% of the shares in the company after its proposed €20 million rights issuance, covenants on operations and an option for early repayments when any assets are sold.

Plaza Centers, a subsidiary of Tel Aviv-based Elbit Imaging Ltd., is a developer of shopping and entertainment centers in Central and Eastern Europe, India and the United States.

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