JR Global REIT Seeks to Repay All Debt by End of 2029... Creditors' Meeting Next Month

JR Global REIT has drawn up a repayment plan to repay all principal and interest on its debt by the end of 2029. The company plans to hold a creditors' meeting next month to secure approval, then end its Autonomous Restructuring Support (ARS) program and begin normalizing its operations.

JR Global REIT announced on October 20 that it will hold a total of four creditors' meetings, one for each tranche of its publicly offered bonds, on November 23 at Kyowon Jonggak Building in Jongno-gu, Seoul.

For the repayment plan to pass, it must receive approval from at least two-thirds of the voting rights represented at the meetings and holders of at least one-third of the total bond amount. Once the court approves the plan, the company can end the ARS program and begin the process of normalizing its operations.

JR Global REIT explained that its current difficulties stem from a liquidity problem caused by a mismatch between the maturity dates of its financial liabilities and the timing of cash inflows, rather than from problems with the assets it holds.

JR Global REIT CEO Oh Namsu said, "Since the assets are performing their intended role, we concluded that taking the time to operate normally and repay the debt would be a more reliable way to return a larger amount."

The company plans to secure funds for debt repayment in stages by extending the lease on the Finance Tower in Belgium and then refinancing. It will suspend dividend payments until all debts have been repaid.

This content was produced with the assistance of AI translation services.