Italy's troubled property company Aedes Immobiliare said that over three quarters (83%) of its creditor banks have given the green light to its new strategic plan for 2009-2013. Under the plan, the company plans to raise equity of EUR 150 mln through a capital increase which will be largely subscribed by the new investors Isoldi (in a range of EUR 70 mln) and Amenduni (EUR 45 mln).
Italy's troubled property company Aedes Immobiliare said that over three quarters (83%) of its creditor banks have given the green light to its new strategic plan for 2009-2013. Under the plan, the company plans to raise equity of EUR 150 mln through a capital increase which will be largely subscribed by the new investors Isoldi (in a range of EUR 70 mln) and Amenduni (EUR 45 mln).
The group posted a loss of EUR 300 mln in 2008, primarily reflecting the devaluation of its development portfolio which accounted for EUR 188 mln. In 2007, it reported a loss of EUR 12 mln. Aedes said that it expects it will not return to the black before 2012. Net debt stood at EUR 810 mln at end-December 2008, up from EUR 752 mln at end-2007.
