ECM watch

Bloomberg is reporting that ECM Real Estate Investments could be releasing a statement after the close of trading today at 4pm. The market has been on edge since last week’s meeting with bondholders at which a reorganization plan was supposed to be agreed upon. There’s speculation that the lack of a statement until now indicates no agreement was reached. With debts in excess of CZK 7 bn, the future is looking increasingly grim for the company.

So, tune in again after 16:00, Prague time.

Radim Kramule, an analyst at Erste Bank, was diplomatically negative. “It’s definitely not positive and the danger of an unsuccessful debt restructuring is growing. We’ll continue to follow the matter.”

Update 1: the minutes of the bondholders meeting are out: click here.

Update 2: They’ve issued a statement, as Bloomberg suggested, which says only that another plan will be presented to EUR bondholders on November 4 in cooperation with some consultancy company.

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