Further debt re-structuring.6 Jul 2009 08:06
Further to the update given within the Company's preliminary results. announcement on 1 May 2009, and the announcement on 2 July 2009 regarding the successful EUR235 million debt restructuring with Hypo Real Estate, CPT announces that it has signed documentation for a further debt restructuring in relation to all of its facilities with AIB . The arrangements involve Anglo Irish Bnk forbearing from exercising its rights under
the three debt facilities for Silver Estate, Marise and Ironbark (the SPVs holding the Interfruct, Marina Mokotow and Ericsson assets) , all of which will be cross-guaranteed and cross-secured. The forbearance arrangements will expire on 31 December 2009 . CPT has agreed to provide a total of EUR3.0 million of funding to the Anglo
Irish Secured Assets, of which EUR1.5 million will be provided as a mezzanine debt facility ( Mezzanine Debt Facility") and a further EUR1.5 million will be provided as a subordinated debt facility Subordinated Debt Facility") to the relevant SPV borrowers. Anglo Irish has agreed to defer a portion of the cash interest due from the Interfruct SPV group until the Expiry Date, at which point any deferred interest will need to be paid.