German real estate group IVG says investors approve debt swap

FRANKFURT, March 20 Thu Mar 20, 2014 12:25pm EDT

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FRANKFURT, March 20 (Reuters) - The creditors and shareholders of Germany's IVG Immobilien, the co-owner of London's landmark "Gherkin" tower, have approved the proposed debt-for-equity swap that will put the real estate firm in the hands of its creditors.

Creditors approved the plan with 99.5 percent of votes, while shareholders approved it with a 56.9 percent majority, the company said on Thursday.

It added the company expects the insolvency proceedings to be lifted in the third quarter of this year. (Reporting by Ludwig Burger; Editing by Maria Sheahan)

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