Debt restructuring in various (public) cases:

  • Homburg Invest
    • 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.
  • CV Damsigt
    • 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.