Vladimír Urbánek (Kurzy.cz)
Czech markets  |  September 09, 2010 09:30:55

ECM: Today we held general meeting of holders of bonds

By Thursday, 9.9 2010 will be held in London general meeting of bondholders of ECM Real Estate Investments. The most important item on the agenda will be voting on whether to bond holders want their early repayment. The reason is the fact that it exceeds the maximum indebtedness under terms and conditions of bonds. If such a move would have obtained the approval of the majority, it would substantially increase the probability of bankruptcy a company that from 2008 to present regular reports net loss (last -36 million in 2Q2010). Vote on the early repayment has been held in May this year, with bond holders did not support such a move then.It is likely that the need to prematurely repay debt obligations of the company led to sell assets at low prices and their own bondholders would receive only a fraction of their investment. An important item on the agenda but will also be information about the management company's financial situation and the vote of holders of debentures of management proposals for the sale of some assets. The meeting will be quorate if you experience representing investors at least 50% of the issued bonds.

Paul Ryska

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