JR Global REIT said on the 4th that it agreed with its subsidiary JR No. 26 REIT and the swap bank to extend to Nov. 1 next year the maturity of the settlement amount related to the foreign-exchange hedge that came due that day.
JR No. 26 has included the Belgium Finance Tower as a major asset. JR Global REIT said the agreement is meaningful in that it is the first visible outcome secured since JR Global REIT applied for the Autonomous Restructuring Support (ARS) program.
It also said the agreement is meaningful in that, based on ARS proceedings under court supervision, it is a maturity extension agreement reached between JR No. 26 and the swap bank, a major financial transaction counterparty, which raises expectations for the participation of major creditors in the course of the ARS program going forward.
JR Global REIT said it will use this maturity extension as a starting point to continue talks with major financial transaction counterparties and stakeholders and work to improve the REIT's financial soundness.
A JR Global REIT official said, "We are grateful to the swap bank, which has long cooperated as a foreign-exchange hedge transaction counterparty, for engaging in constructive discussions this time as well," and added, "Based on this agreement, we will communicate faithfully with major financial transaction counterparties and stakeholders during the ARS period and do our best to enhance financial stability and protect investors."