The voluntary restructuring consultation period between corporations and creditors to normalize JR Global REIT(348950) has been extended by one more month.
JR Global REIT said on the 16th that the Seoul Bankruptcy Court approved an additional one-month extension of the consultation period for the Autonomous Restructuring Program (ARS) until Aug. 14.
ARS is a system in which, under court supervision, corporations are allowed to hold a decision on whether to commence rehabilitation proceedings for a certain period so they can voluntarily consult with creditors on normalization plans such as debt repayment. If consultations with creditors proceed smoothly, the application to commence rehabilitation proceedings is withdrawn.
A JR Global REIT official said, "With mediation and litigation over the appraisal of the core asset, the Belgium Finance Tower, underway in a U.K. court, additional consultation time is needed."
JR Global REIT explained that it did not reach a final agreement in mediation with the local senior lenders held in a U.K. court earlier this month. However, it expressed its intention to achieve a swift normalization through additional consultations with the senior lenders and the merits trial to be held in August.