February 24, 2014 / 11:47 AM / 3 years ago

IVG insolvency plan to make creditors new owners

1 Min Read

FRANKFURT, Feb 24 (Reuters) - German real estate company IVG Immobilien has submitted an insolvency plan on Monday that will see it swap debt for equity and put the company into the hands of creditors.

Under the plan, the creditors of a syndicated loan totalling 1.35 billion euros ($1.86 billion) and a 100-million-euro loan originally extended by LBBW would end up with 80 percent of IVG's stock, and holders of a 400-million-euro convertible bond would have the remaining 20 percent, IVG said.

IVG - co-owner of London's landmark 'Gherkin' tower - sought protection from creditors in August after failing to reach an agreement over the restructuring of its debt.

$1 = 0.7275 euros Reporting by Alexander Huebner and Maria Sheahan

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