Urbanove Shopping Development SA has published a press release informing the market that Brussels Commercial Court has today granted it an extension for the judicial reorganisation procedure started on 15 April. The press release is attached.
Banimmo, owner of 44% of the shares at Urbanove, currently holds a mezzanine debt from the group, the balance of which, net of provisions in the annual accounts of 31 December 2015, was € 24.5 million.
Banimmo is pleased with this additional delay, which should enable the various creditors to consult each other and reach agreement on a financial master plan capable of ensuring that the group's projects are brought to completion.
Click on the link hereunder for the complete press release in pdf form.
