14th Dec 2015 14:50
LONDON (Alliance News) - Plaza Centers NV Monday said its Romanian subsidiary has waived its leasing rights over the Cina property in Bucharest, which has now been sold by the owner.
The company said it expects to receive gross proceeds of around EUR2.7 million from a total consideration of EUR4.0 million, with net proceeds coming in at under EUR2.3 million.
"In line with the company's stated restructuring plan, 75% of the net cash proceeds from the transaction will be distributed to the company's bondholders by the end of March 2016 as an early principal repayment," said Plaza Centers.
Plaza shares were untraded on Monday at 2.00 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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