The developer Plaza Centers has announced that after a confirmation hearing held on July 8, the Dutch court has confirmed the Dutch restructuring plan. This was made possible by the company receiving approval from 92 percent of its creditors voting in favor of the plan. Under the plan, Plaza Centers would be allowed to defer the principal maturities of its Series A and Series B bonds for at least 3.5 years and would provide bondholders with significantly improved terms, including additional interest of 1.5% p.a; 13.21% of the shares in Plaza Centers that would be made available in a €20m rights issuance. Creditors would also have an option for early repayment any time assets are sold.
