Homburg Invest now expects CCAA plan to be implemented in early March

By Caroline Salls

Pittsburgh, Feb. 10 - Homburg Invest Inc. expects Geneba Properties NV's application for a license to act as a property investment company in the Netherlands to be granted by Dutch securities regulator the Autoriteit Financiele Markten (AFM) in the coming weeks, and Homburg's plan of compromise and reorganization is expected to be implemented in early March, according to a news release.

Receipt of the license is the principal remaining condition to implementation of Homburg's third amended and restated plan of compromise and reorganization.

Geneba filed its initial license application in July 2013. On Feb. 7, Homburg Invest and Geneba received additional questions from the AFM related to the application. The company said a response to what it believes will be the final questions will be submitted shortly.

In addition, Homburg said its Companies' Creditors Arrangement Act protection has been extended to March 11 by the Superior Court of Quebec.

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.

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