JR Global REIT Extends ARS Consultation Period Through Nov. 13
Brussels Finance Tower, an asset held by JR Global REIT (Photo by Yonhap News Agency)
View original imageThe consultation period under JR Global REIT's Autonomous Restructuring Support (ARS) program has been extended by one month.
JR Global REIT said on October 14 that the Seoul Bankruptcy Court had extended the ARS consultation period by one month, through November 13.
ARS is a system under which a company and its creditors negotiate debt restructuring voluntarily under court supervision before the commencement of rehabilitation proceedings.
JR Global REIT plans to continue discussions with creditors based on a revised repayment plan and work toward a final agreement.
The company recently drew up a plan to repay all of its outstanding loan principal and interest by the end of 2029 and is awaiting a board resolution.
The plan can be implemented in earnest if it is approved at a bondholders' meeting and receives court approval.
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A JR Global REIT representative said, "During the extended consultation period, we will reflect the views of stakeholders, including creditors and shareholders, and work out an agreement that enables us to repay the principal and interest in full."
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