Reuters: Bankruptcy News: UPDATE 3-London's 'Gherkin' owner IVG seeks protection from creditors

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UPDATE 3-London's 'Gherkin' owner IVG seeks protection from creditors Aug 20th 2013, 17:49 Tue Aug 20, 2013 10:28am EDT * IVG says failed to reach agreement with creditors * Had struck preliminary deal on debt-to-equity swap * Shares suspended from trade FRANKFURT, Aug 20 (Reuters) - German real estate company IVG Immobilien, co-owner of the landmark 'Gherkin' office building in London's City financial district, said on Tuesday it was seeking protection from creditors after failing to reach an agreement over the restructuring of its debt. IVG said its management would seek to continue running its business operations as part of the filing for creditor protection with a German court. Shares in IVG were suspended from trade on the Frankfurt stock exchange. IVG has about 4 billion euros ($5.3 billion) of debt after a rapid expansion spree and had reached a preliminary agreement with creditors on swapping some of the debt for equity earlier this month, following weeks of talks. "Discussions with major representatives of all levels of capital have shown that, with the exception of major shareholders, support for the concept... cannot be expected," IVG said on Tuesday. IVG has said it needs to cut its liabilities by up to 1.75 billion euros and completely restructure its debt to give it capital to refinance loans maturing this year and in 2014. Link this Share this Digg this Email Reprints

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