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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Arcandor AG (GM) | USOTC:ACAGF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.002 | 0.002 | 0.002 | 0.00 | 01:00:00 |
Billionaire investor Nicolas Berggruen and property owner Highstreet are yet to reach a final agreement on issues surrounding Karstadt properties but recent discussions have been "very constructive and productive," a person familiar with the matter said Thursday.
Another person familiar with the matter told Dow Jones Newswires the situation looks more positive than before.
The discussions began Wednesday and ran late into the night, focusing on restraining rent increases for Karstadt in coming years, with Highstreet potentially taking an equity stake in return. Negotiations are expected to continue until late Thursday.
Highstreet, led by U.S. bank Goldman Sachs Group Inc. (GS), owns the bulk of Karstadt properties following a sale and leaseback agreement arranged under Karstadt's previous owners.
The parties have until July 16 to negotiate a deal, otherwise Karstadt risks being shuttered by insolvency proceedings.
Karstadt is a former unit of holding company Arcandor AG (ARO.XE), which filed for insolvency last year after failing to line up a government rescue.
Berggruen won a months-long bidding process to acquire Karstadt earlier this month, beating out Highstreet and another buyout fund, Triton.
-By Natali Schwab and William Launder, Dow Jones Newswires; +49 (0)69 - 29725 500; natali.schwab@dowjones.com, william.launder@dowjones.com
1 Year Arcandor (GM) Chart |
1 Month Arcandor (GM) Chart |
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