Italy's troubled property company Aedes Immobiliare said on Friday that it has requested an extension from a consortium of potential bidders to reach an agreement with creditor banks on a restructuring of its debt. The property developer, which in early December announced that it had received a bid from a joint venture of Vi-Ba and Isoldi Immobiliare, said it has asked to extend talks on new debt payments to February 28, from the previous deadline of January 31, 2009. The restructuing of its debt is conditional on the acquisition by Vi-ba and Isoldi of a stake in the company.
Italy's troubled property company Aedes Immobiliare said on Friday that it has requested an extension from a consortium of potential bidders to reach an agreement with creditor banks on a restructuring of its debt. The property developer, which in early December announced that it had received a bid from a joint venture of Vi-Ba and Isoldi Immobiliare, said it has asked to extend talks on new debt payments to February 28, from the previous deadline of January 31, 2009. The restructuing of its debt is conditional on the acquisition by Vi-ba and Isoldi of a stake in the company.
Aedes is seeking to reschedule a EUR 300 mln debt facility into a new five-year loan. Vi-Ba, which is part of Italian steel group Amenduni, and real estate firm Isoldi Immobiliare, are planning to acquire a stake in Aedes as part of a EUR 150 mln capital increase planned for the coming months. After the capital hike Aedes said it plans to set up a new unit in which it, together with Isoldi and Amenduni, will transfer up to EUR 200 mln worth of real estate assets.
Isoldi will contribute around EUR 100 mln worth of property to the new company. Aedes will later seek to incorporate the new unit into its main business.
