Mediafax (Mediafax)
Czech markets  |  December 15, 2010 15:25:15

The restructuring of the ECM allows for half the debt in exchange for shares


Mediafax

PRAGUE (MEDIAFAX) - Restructuring of the development of ECM, which already suffers from two years outstanding debts, calculated with the exchange of half of the debt into shares. On Wednesday it said president and CEO of Milan Janku in an online interview for the server Patria.cz.

The main points of the restructuring plan showed that the ECM as it is calculated with the partial write-off debt with a swap newly issued shares. Depreciation and swap should reach such a level to ensure a positive balance sheet of the company throughout the restructuring period.

"Half of the debt will be converted into shares and the remaining 50 percent of the so-called 'credit note loans." It is a financial instrument that is regulated in the EU and the form of tradable debt, "he said in an interview Janku and added that after the exchange the debt for shares to his stake in the company did not fall below 35 percent.

"ECM Group NV currently holds approximately 80 percent stake in the company," said Janku, adding that under Luxembourg law, the obligation to inform about the decline of 66.7 percent.

The baseline scenario assumes Janku restructuring by selling assets in 2013.

ECM development company, which operates on the Czech market since 1991, has recently been faced with great difficulties, mainly due to the deepening loss.The company has high debt problems of long-term debt because the company has crossed the border last year, eighty percent of assets. Some real property developer sells. This year, for example, sold in May Empiria City together with the adjoining conference center. At the end of last year and sold the office building City Tower in Prague Pankrac. In the third quarter of this year, the company managed the net loss after tax of 69.9 million euros (about 1.72 billion dollars).

Filip Sušanka, susanka@mediafax.cz

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Restrukturalizace ECM počítá se směnou poloviny dluhu na akcie

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