4th Mar 2016 08:52
LONDON (Alliance News) - Plaza Centers NV on Friday said it has agreed to sell its subsidiary holding Liberec Plaza, a shopping and entertainment centre in the Czech Republic, for EUR9.5 million.
"In line with the terms of the agreement, the buyer has deposited 15% of the consideration in escrow. The due diligence process, final closing and settlement is expected to conclude by the end of March," the company said.
In September 2015, a Plaza Centers subsidiary won a tender to buy the loan to the holding and operating company for Liberec Plaza for EUR8.5 million.
Upon completion of the Liberec Plaza disposal, the subsidiary will receive EUR8.5 million on account of the bank loan it previously purchased.
Out of the remaining proceeds, 75% will be distributed to Plaza Centers' bondholders by the end of June, in line with the company's restructuring plan.
Shares in Plaza Centers were down 5.0% at 0.950 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Plaza