Brookfield launches restructuring offer for Spain's Colonial - Reuters
Spanish property developer Colonial said it has received a debt restructuring and possible takeover offer from its biggest creditor, a unit of Brookfield Asset Management, ahead of an extraordinary board meeting next week, reports Reuters. The proposal from Brookfield, which holds 46 percent of Colonial's 1.8 billion euros (US$2.4 billion) syndicated loan that matures in December 2014, is a rival offer to a proposed injection of capital announced two weeks ago by Spain's Villar Mir group. Brookfield said it has the support of 77 percent of the company's creditors for its restructuring plan, in which it would subscribe to a capital increase and become a "significant shareholder" in Colonial, according to a statement from Colonial on Friday.
21 January 2014•2 mins read
