GERMANY – German real estate company IVG, which has until the end of the month to conclude refinancing negotiations with creditors, has postponed its annual general meeting (AGM) for a second time.

The AGM will be postponed until 12 September, while IVG's half-year report will also be delayed to the end of August.

The company, struggling to keep pace with its maturing debt, has already announced plans to restructure but said it needed more time to reach agreement with creditors.

Yet the German company said it was optimistic and that major creditor groups signalled their "willingness" to extend the accelerated maturity of a convertible loan (put option on 29 March 2014) and the maturity of a bank loan of €100m on 31 December 2013 if the restructuring process required it.

Any compromise must be reached before 30 July, the deadline set by creditors.

Also on the table is a financing plan for €120m needed to secure IVG's liquidity until March 2014, when the restructuring is scheduled to be finished.

This measure would "safeguard the company's continued existence" until then, IVG said.

Wolfgang Schäfers, chief executive at IVG Immobilien, added: "IVG and its stakeholders are now in a position to continue the talks with the jointly agreed goal of preparing a viable proposal for a compromise within the next 10 days."

He conceded the timetable was "ambitious" but said he expected a consensus could be reached.