Kefren Properties IX AB
Kefren Properties IX AB, 556691-4031 (”Company”) – Extension of stand-still period

Kefren Properties IX AB / 

07.07.2010 23:10

Dissemination of a Adhoc News, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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As outlined in notice number 66 on 26th May 2010 to the OMX Nordic Exchange
Copenhagen, the Company has previously received a stand-still letter from the
Senior Bank, where the Senior Bank states that they until the 7th July 2010
will not take action with respect to the loan-to-value breach. 

The Company has now from the agent of the Senior Loan received an extension
until 8th September 2010. During this period the Senior Loan cannot be
terminated due to non-compliance of the loan-to-value condition. 

The extended period will be used to finalise the negotiations about
restructuring. To be able to finalise those negotiations the asset manager has
been asked to deliver a strategy for deleverage of the portfolio. The agent has
also informed that not all lenders in the syndicate have agreed on the
extension of the stand-still. However, they are continuing a dialogue to get
them all to agree to extend the stand-still. The stand-still is not conditioned
by having additional lenders to agree. Furthermore, the agent has informed that
they will also use the period to investigate alternatives. 

The Board of Directors still expects that a model can be found and presented
for approval on a bond holders meeting. 
 


The Board of Directors


Please address questions relating to this Notice to Chairman Ole Vagner on
telephone +45 40254113 or via e-mail ole@vagner.dk. 

Further information about Kefren Properties IX AB is available on the Company's
website, www.kefren.se.

News Source: NASDAQ OMX



07.07.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      Kefren Properties IX AB
              
               
              Denmark
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         DK0030039300
WKN:          
 
End of News                                     DGAP News-Service
 
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