High Street FRANKFURT / LONDON (Dow Jones) – A group of creditors of the real estate consortium on Wednesday amended the rental terms for the bankrupt department store chain Karstadt agreed by majority. This is a High Street spokesman said on Wednesday after the meeting of creditors. ( Reuters photo 
The administrator Karstadt , Klaus Hubert Görg , welcomed the approval. He appealed to all those responsible , "now to take advantage of every opportunity to August 8, 2010 to ensure the closing of the sale contract . "
It is above all in the interest of the workforce, when the newly raised , further Formalities were completed on time in lieu of or to the exclusion of forms and deadlines. "If you want to agree on a deadline , then it can also be , "said Görg. " Finding the uncertainty must end. "
On Wednesday in London had bondholders who hold the so -called "Fleet Street Finance Two " securitization , which in turn is connected to the High Street consortium made . High Street had the Karstadt- acquired property and zurückvermietet to the now bankrupt department store chain. The consortium has a total of 86 the 120 Karstadt stores.
Now you must still agree to the other creditor groups to rent reductions , as the spokesman said. It is the Valovis Bank and donors a mezzanine loan.
An agreement is High Street with the owner of the consortium last condition, which must be met to ensure that the contract for a sale of Karstadt to the investor Nicolas Berggruen can enter into force. Other conditions such as the approval of the Cartel Office on the case and obtain the approval of the employee representatives had been reached.
The district court wants to eat on 10 August on the Karstadt insolvency decide . The date had already been postponed several times.
A spokesman for Berggruen , welcomed the agreement of the creditor group as a next step in the sales process . "
an agreement is still open about securing a loan to the bank Valovis High Street. The point is negotiated separately for weeks. Valovis had co-financed with a current 2014 loan of EUR 850 million real estate transaction.
Berggruen will register the proposed Mietreduktionen in the land , which could develop into a supervisory Valovis problem. The low rents would in the case of insolvency or the resale of Karstadt persist. For the Bank , which sees its commitment yet sufficiently secured by first ranking mortgages , it would have claims to the risk of "significant impairment "of the property brought with it .
Berggruen and Valovis had agreed that the loan is to be replaced prematurely. But neither High Street still Berggruen or a third party have so far agreed to .
- By Natali Schwab , Dow Jones Newswires
+49 69 29725119, natali.schwab @ dowjones.com
DJG / nas / ebb / sh
