Germany鈥檚 IVG Immobilien says it will reduce its existing liabilities by 鈧�1.7 bn as part of its refinancing strategy.
Germany鈥檚 IVG Immobilien says it will reduce its existing liabilities by 鈧�1.7 bn as part of its refinancing strategy.
IVG has been forced to restructure its debt in order to bring its loan-to-value ratio back to normal market levels. The company currently has a loan-to-value ratio of 72%, leaving it unable to access capital markets.
The troubled firm鈥檚 debt burden amounts to 鈧�4.2 bn and since March the company鈥檚 share price has fallen by over 80%.
The refinancing plan will also see all divisions of the company subjected to a strategic review.
IVG, which has assets under management totalling 鈧�21 bn, reported a 鈧�99 mln net loss last year.
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