FRANKFURT Feb 24 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)