Many years of issuing high yield bonds; procedure for insolvency started in September 2011 in Canada; extensive negotiations with mortgage lenders, various creditors and related parties; cash bid on various outstanding bonds at 25% – 50% of notional value mid 2013.
Office of over 15,000 m2 in Leidschendam-Voorburg, The Netherlands; investment (approximately 13.6 mln euro) of equity partnership (350 participants) since 2000; total value including equity around 31 mln euro; mortgage around 22 mln; tenants Total and RGD have left; estimated value mid 2013, 6 mln; banks require equity participants to contribute for maintenance; transformation plan in preparation.
CMBS (Commercial Mortgage Backed Securities)
Breevast, office portfolio in The Netherlands with debts of over 1 bn euro; solvency around 29%; CMBS since 2007 of around 638 mln euro; issues:what is the real value of the portfolio and is it a liquid portfolio?
Kurhaus, Scheveningen, The Netherlands: CMBS from 2006 ended in January 2013 with approximately 50 mln debt remaining; Kurhaus value in 2006 around 63 mln and estimaded around 24 mln euro in 2013 according to the financial press.
Real Estate Financing in The Netherlands
“Dutch banks completely closed for real estate financing” (FD 16 March 2013); 60% of real estate loans is to be refinanced in the next 3 years.