Frankfurt “No compromise was reached and it is uncertain whether and when the negotiations can be concluded,” said a presentation by the management of the ailing real estate group Corestate. This announcement is actually dated November 2, but was only published last Saturday at the instigation of a committee of bondholders.
The committee represents almost half of the outstanding nominal amount of a EUR 200 million convertible bond and almost 80 percent of the nominal volume of another bond of EUR 300 million.
“The negotiations are at an impasse,” confirms a person familiar with the events. However, those involved do not have much time: the convertible bond is due on November 28th. A solution should be found by then.
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