IVG Immobilien: Still no restructuring proposal from major creditors

By Caroline Salls

Pittsburgh, July 30 - IVG Immobilien AG said it has yet to receive a comprehensive and joint restructuring proposal from its major creditors, including holders of its syndicated loan I, syndicated loan II and convertible bond.

According to a news release, IVG expected a restructuring proposal to be submitted by July 30.

The deadline for submitting proposals for the restructuring of the company outside of insolvency proceedings was originally July 20. This deadline was designed to allow shareholders to vote on the proposal at an Aug. 30 annual general meeting.

However, IVG said it declared itself willing to postpone the annual general meeting to Sept. 12 so a joint restructuring proposal expected by July 30 could be presented to the shareholders.

The company said its board of management is now examining whether the positive going-concern forecast for IVG can continue to be upheld.

IVG is a Bonn, Germany-based real estate investment company that focuses on office buildings in European cities.

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