Speymill Deutsche hopes to secure restructuring

AIM-quoted German property investor Speymill Deutsche Immobilien Company (SDIC) says that it is no longer in bid talks and it is hopeful that a deal with Citigroup Global Markets could restore value to shareholders. Shares in SDIC were suspended at the end of November when its debt providers asked for receivers to be appointed to all of its property subsidiaries. The suspension will continue until the financial situation is sorted out and the company's interim figures to December 2010 are published. Citigroup is the advisor to an investment consortium which includes FFIRE Immobilienverwaltung AG. It hopes to restructure SDIC's debt and capital structure.