IVG Immobilien’s has had its insolvency procedures lifted and has avoided being liquidated.
Germany’s largest property company said it could “now operate without any restriction once again” following a decision by a court in Bonn.
Hans-Joachim Ziems, member of the board of management, said: “Following the comprehensive financial and operating restructuring, the company is now back on a solid footing and ready for the capital market.
“Our job of preventing the liquidation of the company and creating the foundations for a successful future is done.”
In August, IVG entered into self-administered insolvency proceedings despite an appeal by some debtors against a debt-to-equity swap that eventually removed €2.2bn of IVG’s debt.
The Bonn District Court appointed Dietmar Binkowska as new chairman of the new supervisory board. Binkowska, previously CEO of German regional bank NRW Bank, will hold the position until the next annual general meeting in 2015.
Three independent business entities have been established – real estate, institutional funds and caverns – and asset management has been integrated into each.
As a result of the restructuring, Peter Forster, chairman of the management board of former IVG Asset Management, will leave the company as at the end of October.
German media have reported that IVG Institutional Funds is attempting to sell its 166m-high Silberturm skyscraper in Frankfurt.
The rumours were not confirmed by the company, but sources close to the matter are estimating the purchasing price at €450m.
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