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Austria's Immofinanz offers bond exchange to avoid insolvency
Hard-hit Austrian listed Immofinanz, working to boost equity and lower its debt load, has continued its restructuring by offering to exchange shorter maturity bonds to holders of its two convertible bonds, which will be guaranteed by its Immoeast subsidiary. Its 54.65% subsidiary Immoeast justified the guarantee by saying a successful exchange would contribute to the avoidance of an insolvency of Immofinanz and resulting adverse effects on Immoeast. "Immoeast and its subsidiaries have claims against Immofinanz, the settlement of which is secured by an improvement of the economic situation of Immofinanz," Immoeast said.