Invista European Real Estate has announced that its mezzanine lender, Islay Investment S.à r.l. (an affiliate of Blackstone Real Estate Debt Strategies) has called for repayment of its mezzanine loans. As Invista is unable to repay the loans, the lender has enforced its security over the entire interests of Invista. The enforcement has followed a process through which Invista has explored the sale or refinancing of its property portfolio, during which the lender actively supported Invista’s efforts to conclude a transaction. However, those efforts were not successful and in the light of (amongst other things) increasing projected cash shortfalls, the lender has decided to enforce its security. This leaves Invista Solvent and without any further obligations under its guarantee, but without any value to distribute to shareholders. As a result, the company intends to seek the approval of ordinary shareholders for a voluntary liquidation. Invista intends to publish a shareholder circular, convening an extraordinary general meeting, at which shareholder approval will be sought for the de-listing and voluntary liquidation of the Company.
Invista European Real Estate to propose voluntary liquidation : IERE